Mahindra Last Mile Mobility manufactures electric three-wheelers and other last-mile electric commercial vehicles and is positioned as a market leader in its segment. The company currently commands around 40% market share in the L5 three-wheeler segment and reported crossing one lakh EV sales in FY26. It has seen a six-fold increase in electric three-wheeler sales over the last four years and posted 85% year-on-year volume growth in Q1 FY27. Management highlighted that EV penetration in the L5 segment rose from 12% to 40% over the past two years, which has been a key growth driver. The company reports six billion cumulative electric kilometres driven by its vehicles and has been India’s number one electric commercial vehicle manufacturer for four consecutive years. Leadership stated the firm aims to deploy one million EVs on Indian roads by 2031.

Total raised

$284M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2026