Mahindra Last Mile Mobility (MLMML), a subsidiary of Mahindra & Mahindra has got the first tranche of investment of Rs 300 crore from the International Finance Corporation (IFC).
It was in March 2023, IFC had committed to invest Rs 600 Crore (in one or more tranches), at a valuation of up to Rs 6,020 crore, in a new company housing the last mile mobility division of Mahindra Group.
Mahindra Last Mile Mobility (MLMML) was incorporated as a subsidiary and it commenced commercial operations in September 2023, pursuant to closing of Asset Transfer Agreement and Business Transfer Agreements with Mahindra & Mahindra.
This partnership with IFC reflects the shared values and ambitions both entities have demonstrated in their commitment to sustainable, inclusive, and clean mobility solutions. Mahindra Last Mile Mobility aims to accelerate the green transition of the automotive industry in support of India’s climate targets.
It will focus on scaling last-mile passenger and cargo transportation solutions and Suman Mishra will continue to lead the company as its Managing Director and CEO.
