Mahindra & Mahindra said its electric three-wheeler business, Mahindra Last Mile Mobility Ltd., has reached unicorn status after a funding round of about ₹322 crore. The investment was led by Lightrock and values the company at ₹10,822 crore, marking an important step for Mahindra’s EV-focused mobility operations.
The development highlights growing investor interest in electric commercial mobility, especially in the three-wheeler segment. For Mahindra Last Mile Mobility, the new valuation places the business among India’s unicorns and underscores confidence in its position in the electric vehicle market.
The funding round also strengthens Mahindra’s push in the last-mile transportation space, where electric three-wheelers are becoming increasingly significant. With fresh capital coming in through a Lightrock-led deal, the company is expected to be better placed to support expansion and deepen its presence in the segment.
The announcement adds momentum to the broader EV story in India, where manufacturers are looking to scale products aimed at urban and commercial use. For Mahindra, the unicorn status of Mahindra Last Mile Mobility signals that its electric three-wheeler arm has become a key part of its future mobility strategy.
