Mahindra Last Mile Mobility Limited (MLLM), a subsidiary of Mahindra & Mahindra , sees an investment of INR 300 crore, from International Finance Corporation (IFC). With the completion of the deal, IFC gets a 5.9% stake in MLLM. The investment is part of the INR 600-crore commitment made by IFC in March this year.
IFC’s valuation of MLLM stands at INR 6020 crore. In March 2023, IFC had committed to invest INR 600 Crore (in one or more tranches), in a new company housing the last mile mobility division of the Mahindra Group.
MLMML was incorporated as a subsidiary of Mahindra & Mahindra Ltd. (M&M), and it commenced commercial operations from September 2023, pursuant to closing of Asset Transfer Agreement and Business Transfer Agreements with M&M.
According to the company, the partnership with IFC ‘reflects the shared values and ambitions both the entities have demonstrated in their commitment to sustainable, inclusive, and clean mobility solutions’. MLMML says it will focus on scaling last mile passenger and cargo transportation solutions.
In the rearranged ownership structure, Suman Mishra will continue to lead MLMML as its Managing Director and CEO. MLMML says it is ‘committed to the electrification of the mobility landscape, prioritising electric 3- and 4-wheelers’.
The company offers a wide portfolio of products in various fuel options, including 3-wheelers like Treo, Zor Grand, Alfa, and the 4-wheeler SCV – Jeeto.
