Firm Matters

Khaitan & Co advised Mahindra & Mahindra Ltd, a leader in automotive, farm, and services businesses and Mahindra Last Mile Mobility Ltd (MLMML), on a ~INR 322 crores primary fundraise into M&M’s last mile mobility arm, MLMML, at a valuation of INR 10,822 crores. The round was led by Lightrock, a global fund pioneering in sustainable investments, with participation from existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF), managed by National Investment and Infrastructure Fund Ltd (NIIF).

With this round of funding, the Company has achieved Unicorn Status, with valuation of INR 10,822 crores.

The Firm was the lead transaction counsel for the overall transaction advising Mahindra & Mahindra and Mahindra Last Mile Mobility Limited on the following: (i) drafting, negotiating and finalising the term sheet and definitive agreements; (ii) vendor due diligence on MLML; (iii) general corporate and securities law advisory; (iv) assisting with execution of the transaction documents and related activities; (iv) confirming assessment under the Competition Act, 2002.

Dr. Anish Shah, Group CEO & MD, Mahindra Group, said, “We welcome Lightrock as a partner marking a pivotal milestone in our last mile mobility initiative, highlighting the transformative potential of our growth gems. Our robust business model continues to draw top-tier investors. With Lightrock joining alongside IFC and IJF, MLMML has now achieved unicorn status in the electric vehicle market. This investment brings us closer to our goal of deploying 1 million EVs on India roads by 2031 and solidifies our leadership in the electric commercial vehicle sector.”

Rajesh Jejurikar, Executive Director and CEO - Auto & Farm Sector, Mahindra & Mahindra Ltd., said, “This investment from Lightrock reinforces Mahindra Last Mile Mobility’s leadership in the EV space. With ~40% market share in the L5 segment, it is at the forefront of a market that has rapidly scaled from 12% to 40% electrification in just two years. We are proud to be India’s No.1 electric commercial vehicle manufacturer for the fourth consecutive year. Crossing 1 lakh EV sales in FY26 and 6 billion e-kilometres cumulatively underscores the trust of our customers and our commitment to driving sustainable, inclusive growth.”