The investment values MLMML at approximately ₹10,822 crore, highlighting the growing investor interest in India's electric commercial vehicle and last-mile mobility market.

Lightrock Leads Funding Round

The latest funding round also received participation from existing investors International Finance Corporation (IFC) and the India-Japan Fund (IJF), which is managed by the National Investment and Infrastructure Fund (NIIF).

Mahindra said the investment reflects growing confidence in the long-term potential of India's electric three-wheeler market and the company's last-mile mobility business.

Electric Three Wheeler Sales Surge

MLMML has remained a market leader in India's electric three-wheeler segment, with sales increasing six-fold over the past four years.

The company reported 85% year-on-year volume growth during the first quarter of FY27. It also became the first electric commercial vehicle manufacturer in India to cross sales of 100,000 electric three-wheelers in FY26.

MLMML currently holds around 40% market share in the L5 electric three-wheeler segment. According to the company, electrification in this category has increased sharply from 12% to 40% over the past two years.

Six Billion E Kilometres Completed

Mahindra Last Mile Mobility has completed around 6 billion cumulative electric kilometres and has retained its position as India's largest electric commercial vehicle manufacturer for the fourth consecutive year.

The company said the latest investment will support its broader electric mobility ambitions and strengthen its position in the rapidly expanding electric commercial vehicle market.

Mahindra Targets One Million EVs

Mahindra Group CEO and MD Anish Shah said the investment from Lightrock, along with existing backing from IFC and IJF, marks an important milestone for the company's last-mile mobility business.

The company aims to deploy one million electric vehicles on Indian roads by 2031 as it expands its presence in electric commercial mobility.

Rajesh Jejurikar, Executive Director and CEO of Mahindra & Mahindra's Auto and Farm Sector, said the investment further strengthens MLMML's position in the electric commercial vehicle industry.

Lightrock Partner and Head of India Samir Abhyankar also highlighted the company's growth and execution in building a leading electric three-wheeler business.

The latest funding round gives MLMML unicorn status and adds another major company to India's growing electric mobility ecosystem as demand for electric three-wheelers continues to rise.