Funding · Mobility & Logistics
Mahindra EV unit raises ₹322 Cr from Lightrock
By Startup Enthusiast ·
- Date
- Company
- Mahindra Last Mile Mobility
- What it does
- Electric commercial vehicles
- Kind
- Funding
- Amount
- ₹322 Cr
- Stage
- Growth equity
- Based in
- Mumbai
- Sector
- Mobility & Logistics
What they do
Mahindra Last Mile Mobility makes and sells three-wheeler and four-wheeler commercial vehicles and provides spare parts and after-sales service across India
What happened
Lightrock led the ₹322 crore round, valuing the company near ₹10,822 crore, and existing backers IFC and the India-Japan Fund joined in
Why it matters
The investor has now asked the competition regulator to clear its stake, and both sides say the deal raises no competition concerns
The details
- Lightrock filed a notice with the competition regulator.
- It plans to buy part of the company's equity.
- The buyer is its Cayman Islands holding vehicle.
The bigger picture
- The deal is meant to help the company scale operations.
- The parties say it raises no competition concern.
About the business
- The company makes commercial vehicles with three and four wheels.
- It also sells spare parts and provides after-sales service.
What happens next
- Regulator clearance is awaited.
The deal
- Type
- Minority stake
- Buyer
- Lightrock Cayman Holdings
- Size
- Undisclosed
Investors
- Lightrock Group (Buyer) — London-based global investment platform