Mahindra Last Mile Mobility becomes Unicorn with ₹322 crore fundraise; Khaitan & Co advises

Mahindra Last Mile Mobility Limited has raised ₹322 crore from a fundraise led by Lightrock, with participation from existing investors International Finance Corporation (IFC) and India-Japan Fund (IJF), managed by NIIF.

With this round of funding, the Company has achieved Unicorn Status, with valuation of ₹10,822 crore.

Khaitan & Co advised Mahindra & Mahindra Limited, and Mahindra Last Mile Mobility on this fundraise. The Firm's role involved drafting, negotiating and finalising the term sheet and definitive agreements; vendor due diligence on MLML; general corporate and securities law advisory; assisting with execution of the transaction documents and related activities; confirming assessment under the Competition Act, 2002.

The transaction team consisted of Ashraya Rao (Partner), Vidur Sinha (Partner), Sheldon Dsouza (Principal Associate), Priyal Reddy (Senior Associate), Akhil Thomas (Senior Associate) and Tirthesh Jain (Associate). The following provided assistance:

Corporate vendor due diligence aspects: Palak Sheth (Associate) and Shukla Pooja (Associate);

Employment law vendor due diligence aspects: Deepak Kumar (Partner) and Sukriti Shrivastava (Associate);

Real estate vendor due diligence aspects: Sudheer Madamaiah (Partner), Amruthavarshini (Counsel) and Esha Shah (Associate);

Intellectual property vendor due diligence aspects: Smriti Yadav (Partner) and Rashmee Kumar (Principal Associate);

Securities law related aspects: Sudhir Bassi (Executive Director);

Competition law related aspects: Anshuman Sakle (Partner).

The investment will support Mahindra Last Mile Mobility's goal to get closer to their goal of deploying 1 million EVs on India roads by 2031.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.