In March 2023, the International Finance Corporation (IFC) committed to invest INR 600 Crore (in one or more tranches), at a valuation of up to INR 6020 Crore, in a new company housing the last mile mobility division of Mahindra Group. Mahindra Last Mile Mobility Limited (MLMML) was incorporated as a subsidiary of Mahindra & Mahindra Ltd. (M&M), and it commenced commercial operations in September 2023, pursuant to closing of Asset Transfer Agreement and Business Transfer Agreements with M&M. MLMML has since completed other regulatory and procedural requirements and has received the first tranche of INR 300 Crore from IFC. This partnership with IFC reflects the shared values and ambitions both entities have demonstrated in their commitment to sustainable, inclusive, and clean mobility solutions. MLMML will accelerate the green transition of the automotive industry in support of India’s climate targets.
MLMML will focus on scaling last mile passenger and cargo transportation solutions. Ms. Suman Mishra will lead MLMML as its Managing Director and CEO.