Mahindra EV arm turns unicorn with Rs 322 crore funding

Mahindra Last Mile Mobility (MLMML), Mahindra & Mahindra's electric three-wheeler subsidiary, has achieved unicorn status after a Rs 322 crore funding round led by Lightrock. The investment values MLMML at Rs 10,822 crore and includes participation from IFC and India-Japan Fund. Mahindra's stake will reduce to 75.79%. MLMML leads the L5 electric three-wheeler segment with ~40% market share and aims to deploy one million EVs by 2031.