Mahindra & Mahindra is planning to list its last-mile mobility business in 2027 after the company achieved unicorn status following a fresh funding round, Managing Director and CEO Anish Shah said.
Mahindra Last Mile Mobility Ltd. (MLMML) has been valued at Rs 10,822 crore after raising fresh capital led by global investment platform Lightrock. Existing investors, including the International Finance Corporation (IFC) and India-Japan Fund (IJF), also participated in the funding round.
Speaking on the development during the concall after the earnings, Shah said the company is targeting an initial public offering (IPO) for the business in 2027, subject to market conditions and business readiness.
The latest fundraise underscores growing investor confidence in India's electric mobility opportunity, particularly in the electric three-wheeler segment, where adoption has accelerated rapidly over the past two years.
According to the company, electric three-wheeler penetration has increased from 12% to 40% during this period, driven by favourable economics, rising demand and supportive policy measures.
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Mahindra Last Mile Mobility currently holds a 40% market share in the L5 electric three-wheeler category, making it the market leader in the segment. The fresh capital is expected to support the company's expansion plans, strengthen its product portfolio and accelerate growth as electric mobility adoption gathers pace across India.
The unicorn valuation marks a significant milestone for Mahindra's dedicated last-mile mobility business and reflects investor optimism about the long-term potential of electric commercial vehicles.
Mahindra & Mahindra (M&M) reported a mixed set of earnings for the June quarter, with net profit and revenue beating Street estimates, while operating performance came in below expectations.
The company's standalone net profit rose 6.8% year-on-year (YoY) to Rs 3,685 crore in the June quarter of FY27, ahead of the Bloomberg consensus estimate of Rs 3,569 crore. The company had reported a profit of Rs 3,450 crore in the corresponding period last year.
Topline, also known as revenue, increased 23% YoY to Rs 41,920 crore, marginally exceeding the Street estimate of Rs 41,845 crore. Revenue stood at Rs 34,083 crore in the year-ago quarter.
Providing a broader business update, the company said its automotive business maintained strong momentum during the quarter, with total volumes, including sales by subsidiaries, rising 23% YoY to 304,000 units. Utility vehicle volumes reached 175,000 units, while the company's SUV revenue market share stood at 25% during the quarter. Revenue from the automotive segment increased 32% YoY to Rs 34,387 crore, while segment profit after tax rose 21% to Rs 2,129 crore.
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