Mahindra Last Mile Mobility Secures Rs 300 Crore From International Finance Corporation

In March 2023, IFC pledged to invest up to Rs 600 crore in one or more tranches

By Jafar Rizvi

1 mins read

Published on October 9, 2023

Highlights

This financial infusion follows the beginning of MLMML's commercial operations in September 2023
MLMML has fulfilled all regulatory and procedural requirements
Suman Mishra will continue the role of managing director and CEO at MLMML

Mahindra Last Mile Mobility (MLMML), a subsidiary of Mahindra & Mahindra, has secured an initial investment of Rs 300 crore from the International Finance Corporation (IFC). This financial infusion follows the commencement of MLMML's commercial operations in September 2023, following the successful conclusion of the asset transfer agreement and business transfer agreement with M&M.

In March 2023, IFC pledged to invest up to Rs 600 crore in one or more tranches, valuing the new company housing Mahindra Group's last-mile mobility division at Rs 6,020 crore.

Since its inception, MLMML has fulfilled all regulatory and procedural requirements. This collaboration with IFC underscores the shared values and aspirations of both organizations. MLMML is committed to accelerating the transition towards environmentally friendly practices within the automotive industry.

MLMML's primary focus will be on expanding last-mile passenger and cargo transportation solutions. Moreover, Suman Mishra will continue the role of Managing Director and CEO at MLMML to lead the company forward in achieving its goals.