New Delhi, Aug. 12 -- Mahindra & Mahindra Ltd and external investors have put more than Rs.2,200 crore into building Mahindra Last Mile Mobility (MLMM), helping it rapidly scale electric three-wheeler sales. The result: a unicorn whose revenue has more than doubled in two years and whose valuation has risen nearly fivefold since 2024.

The last-mile mobility business, carved out of Mahindra & Mahindra's consolidated operations in 2023, is now valued at more than Rs.10,000 crore, or $1 billion. The milestone comes as the Mahindra Group prepares to list the business in the second half of 2027.

A review of MLMM's filings with the ministry of corporate affairs (MCA) since 2023 shows that parent Mahindra & Mahindra has invested about Rs.900 c...