PE-VC Fund Investments
Mahindra Last Mile Mobility raises Rs.322-Cr led by Lightrock at unicorn valuation
Mumbai-based Mahindra Last Mile Mobility , a subsidiary of publicly listed Mahindra & Mahindra (M&M), has raised INR 322-Cr in a funding round led by Lightrock at a valuation of INR 10,822-Cr. The transaction saw participation from existing investors, the International Finance Corporation and National Investment and Infrastructure Fund (NIIF, via the India-Japan Fund)Mahindra Last Mile Mobility manufactures electric, CNG, petrol, and diesel three- and four-wheelers for passenger and cargo use.The company claims to currently hold a 40% market share in the L5 electric three-wheeler segment and has reported a sixfold increase in sales over the last four years.
Between Oct 2023 and Mar 2024, Mahindra Last Mile Mobility had attracted about $120 M from IFC and NIIF.For FY25, Mahindra Last Mile Mobility had reported about INR 3,783 Cr in Operating Income and about INR 247 Cr in PAT.
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