Mahindra & Mahindra is looking to take its electric three-wheeler division public in the next 18 months, as EV demand grows with rising fuel prices and global tensions.
CEO Suman Mishra says the final call on the IPO will depend on funding needs and the ability to demonstrate sustained growth.
Mahindra raises ₹322cr amid EV competition
With over 45% of India's bigger three-wheelers now electric, Mahindra has already raised ₹322 crore ($34 million) at a strong valuation.
Competition from brands like Bajaj and TVS is tough, but it's speeding up EV adoption.
Mahindra is also working to ramp up production, though it still relies on imports for key parts like battery cells.
Mishra is optimistic about hitting profitability in a couple of years, yet to turn a profit without the help of government incentives.