Lightrock Group sought CCI approval on Wednesday to acquire a stake in Mahindra Last Mile Mobility Ltd. The London-based firm filed the notice to scale operations in the commercial automotive sector. This investment follows a funding round that pushed the company’s valuation to Rs 10,822 crore, making it a unicorn.
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Global investment platform Lightrock Group has sought clearance from competition watchdog CCI to acquire a stake in Mahindra Last Mile Mobility Ltd.
London-based Lightrock Group, through its affiliate Lightrock Cayman Holdings, would acquire a stake in Mahindra Last Mile Mobility Ltd (MLMML).
"The... notification is being filed in relation to the proposed acquisition of certain equity shareholding on a fully diluted basis in MLMML by Lightrock Cayman," according to the notice filed with the CCI on Wednesday.
The proposed transaction is an acquisition and falls under Section 5(a)(i)(A) of the Competition Act, 2002 (as amended), the notice said.
Lightrock Cayman is an exempted company incorporated in the Cayman Islands and acts as a holding and investment vehicle within the Lightrock Group.
MLMML is engaged in manufacturing, sale, and distribution, and provides after-sales services, including spare parts and components for three-wheeler and four-wheeler commercial vehicles.
The proposed transaction will enable Mahindra Last Mile Mobility to expand its business and scale operations in the commercial automotive sector.
In its submission, the parties (Lightrock and Mahindra Last Mile Mobility) have said the proposed transaction does not raise any competition concerns, regardless of how the relevant market is defined for the purposes of the notification.
In July this year, Mahindra & Mahindra Ltd, a leader in automotive, farm, and services businesses, has executed a binding agreement to raise around Rs 322 crore into Mahindra Last Mile Mobility, at a valuation of Rs 10,822 crore.
Lightrock led the funding round, with participation from existing partners International Finance Corporation and India-Japan Fund, a fund managed by National Investment and Infrastructure Fund Ltd.
With this investment, MLMML's valuation has jumped to Rs 10,822 crore, making it a unicorn.
The last-mile mobility business saw a six-fold growth in electric three-wheeler sales over the last four years.
The company remains the market leader in the electric 3W category and demonstrated 85 per cent year-on-year volume growth in Q1 FY27.
Mahindra Last Mile Mobility Ltd also recorded a milestone of 1 lakh electric three-wheelers in FY26, a first for any electric commercial vehicle manufacturer in India.
Founded in 1945, the Mahindra Group is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.