New Delhi, Jan 11 (UNI) India-Japan Fund, a fund managed by National Investment and Infrastructure Fund (NIIF), would invest Rs 400 crore in Mahindra Last Mile Mobility Limited (MLMML).

"IJF (India-Japan Fund) will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in IJF’s ownership ranging between 6.06% and 8.25% stake in MLMML," said a M&M group statement on Thursday.

Mahindra Last Mile Mobility houses M&M’s last-mile mobility business including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands.

"IJF will join International Finance Corporation (IFC) as an investor in MLMML. The wealth of expertise of these marquee investors will be leveraged to drive the continued growth of MLMML," the company said.

MLMML was incorporated as a subsidiary of Mahindra & Mahindra Ltd and commenced commercial operations in September 2023, pursuant to closing of Asset Transfer and Business Transfer Agreements with M&M.

“We are delighted to have NIIF as a partner in our last mile mobility journey through IJF. At Mahindra Group, we are committed to developing sustainable mobility solutions that help in accelerating the decarbonization of the transport sector. The robustness of our business model has attracted marquee investors such as IFC in the past and now IJF, which will help us move closer to our mission to be ‘Planet Positive’ by 2040,” said Anish Shah, Group CEO & MD, Mahindra Group.

Commenting on the development, Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, Mahindra & Mahindra said that MLMML is a pioneer in revolutionizing the electric three-wheeler growth in India.

"The large-scale electrification of the last mile mobility segment holds tremendous promise as it offers profitable solutions to micro-entrepreneurs and all our efforts are directed towards increasing penetration and adoption. We welcome IJF in this journey as we work towards growing the market at scale through technology and sustainable solutions,” Jejurikar said.

UNI NK ARN