Part of Mahindra group
Mahindra Last Mile Mobility
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Latest moves
Our read of each move first, where we have one; what the report said is marked Reported.
- Reported: Mahindra Last Mile Mobility has crossed a ₹10,000 crore ($1 billion) valuation after raising more than ₹2,200 crore from its parent and external investors.Reported: Watch:
- Reported: Mahindra Last Mile Mobility’s ₹322 crore raise should accelerate electric three-wheeler availability, giving fleet operators and dealers a better-funded supplier as EV deployment scales toward its 2031 target.Reported: Mahindra Last Mile Mobility has raised ₹322 crore from Lightrock, IFC and India-Japan Fund at a ₹10,822 crore post-money valuation. The electric three-wheeler maker will use the capital to accelerate deployment, with a target of 1 million EVs on Indian roads by 2031.Watch:
Background
From 7 stories, the newest dated 28 Aug 2026. Summary written 3 Oct 2026.
Mahindra Last Mile Mobility is a Mahindra & Mahindra subsidiary that makes electric three-wheelers.[1] source: ET Small Business
Show 3 more paragraphs and 7 sources
Mahindra & Mahindra's stake is set to decline to 75.79% from 78.11% after its latest raise.[2] source: Financial Express Forbes India called it the electric three-wheeler leader, with installed manufacturing capacity of 3 lakh units annually.[3] source: Forbes India It holds around 40% of the L5 electric three-wheeler market.[2] source: Financial Express Its UDO electric three-wheeler has a claimed range of around 200 km.[4] source: ET Small Business
In July 2026 it raised ₹322 crore from Lightrock, IFC and India-Japan Fund at a ₹10,822 crore post-money valuation, reaching unicorn status.[2] source: Financial Express FY26 revenue was ₹4,798 crore, versus ₹2,367 crore in FY24, and FY26 net profit was ₹185 crore.[5] source: Mint FY26 sales were 1.36 lakh units, up 26% YoY.[3] source: Forbes India In July 2026 it recorded 13,455 overall registrations and kept its electric three-wheeler lead, though Bajaj narrowed the gap.[6] source: The Hindu BusinessLine In August 2026 ET Small Business reported it is scouting a greenfield or brownfield factory to double capacity.[1] source: ET Small Business Forbes India reported it targets an IPO within 18-24 months, possibly in the second half of 2027.[3] source: Forbes India
Its investors include Lightrock, International Finance Corporation and the NIIF India-Japan Fund.[7] source: Mint[2] source: Financial Express ET Small Business named Bajaj Auto and TVS as rivals in the electric three-wheeler market.[4] source: ET Small Business
Sources
Questions about Mahindra Last Mile Mobility
Who owns Mahindra Last Mile Mobility?
Mahindra Last Mile Mobility is a subsidiary of Mahindra & Mahindra, whose stake is set to decline to 75.79% from 78.11% after the July 2026 ₹322 crore raise from Lightrock, IFC and India-Japan Fund.[1] source: ET Small Business[2] source: Financial Express
How fast is Mahindra Last Mile Mobility growing in India?
Mahindra Last Mile Mobility reported FY26 revenue of ₹4,798 crore, versus ₹2,367 crore in FY24, and FY26 net profit of ₹185 crore. FY26 sales were 1.36 lakh units, up 26% YoY.[3] source: Forbes India[5] source: Mint
What is Mahindra Last Mile Mobility's current strategy in India?
Mahindra Last Mile Mobility raised ₹322 crore at a ₹10,822 crore valuation in July 2026.[2] source: Financial Express In August 2026 it was scouting a new factory to double capacity [1] source: ET Small Business and was targeting an IPO possibly in the second half of 2027.[3] source: Forbes India
Who are Mahindra Last Mile Mobility's main competitors?
ET Small Business reported in August 2026 that Mahindra Last Mile Mobility competes with Bajaj Auto and TVS in India's electric three-wheeler market, on range, batteries, financing, service uptime and connected features.[4] source: ET Small Business
Stories that mention Mahindra Last Mile Mobility
2 stories
Mahindra Last Mile Mobility is named in these stories but is not their subject.