Mahindra & Mahindra Ltd has intimated the National Stock Exchange of India Limited and BSE Limited under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding a fund raising initiative by its subsidiary Mahindra Last Mile Mobility Limited (MLMML).
Key Transaction Details
- MLMML proposes to raise approximately ₹322 crore through issuance of equity shares
- Investors include Lightrock Cayman Holdings Ltd (including its affiliates) and existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF)
- Investment is pursuant to exercise of pre-emptive rights under existing Shareholders' Agreement
- Transaction undertaken at post-money equity valuation of approximately ₹10,822 crore
- Funding will be completed in tranches subject to regulatory approvals
Agreement Execution
- MLMML has executed Share Subscription Agreement with Lightrock, IFC and IJF
- Mahindra & Mahindra Ltd, MLMML, IFC, IJF and Lightrock have executed an Amended and Restated Shareholders' Agreement
- Agreements include rights and obligations of Lightrock as shareholder, including transfer & exit related rights, pre-emptive rights
- All agreements executed on 30th July 2026 at 07:53 p.m.
Shareholding Impact
- Company's current shareholding in MLMML: 78.11%
- Expected shareholding post-issuance: 75.79%
- MLMML will continue to remain a subsidiary of Mahindra & Mahindra Ltd
Business Context and Performance
- MLMML achieved unicorn status with valuation of ₹10,822 crore
- Market leader in electric 3W category with 40% market share in L5 3W segment
- Electric 3W penetration grew from 12% to 40% in last two years
- 6X growth in electric three-wheeler sales over last four years
- 85% YoY volume growth in Q1 FY27
- Recorded milestone of 100,000 electric 3-wheelers in FY2026 (first for any electric commercial vehicle manufacturer in India)
- Cumulative 6 billion e-kilometers achieved
Strategic Rationale
- Funding highlights investor confidence in electrification growth opportunity
- Supports Mahindra's goal of deploying 1 million EVs on Indian roads by 2031
- Reinforces leadership in electric commercial vehicle sector
- Lightrock brings expertise as global investment platform focused on sustainable businesses
Management Commentary
Dr. Anish Shah, Group CEO & MD, Mahindra Group: "We welcome Lightrock as a partner marking a pivotal milestone in our last mile mobility initiative, highlighting the transformative potential of our growth gems. MLMML has now achieved unicorn status in the electric vehicle market."
Rajesh Jejurikar, Executive Director and CEO - Auto & Farm Sector: "This investment from Lightrock reinforces Mahindra Last Mile Mobility's leadership in the EV space. We are proud to be India's No.1 electric commercial vehicle manufacturer for the fourth consecutive year."
Samir Abhyankar, Partner and Head of India at Lightrock: "The leadership team has done an exceptional job of building the company from the ground up into a market-leader in electric three-wheelers, underpinned by a focused strategy and outstanding execution ability."
Additional Information
- Press release enclosed with regulatory filing
- Copy forwarded to Luxembourg Stock Exchange and London Stock Exchange Plc
- Compliance with applicable provisions of Listing Regulations confirmed