IFC to invest Rs 600-cr in Mahindra & Mahindra's last-mile mobility for EVs

IFC
Global development institution IFC has announced a significant investment of Rs 600 crore in Mahindra & Mahindra's new last-mile mobility (LMM) company, a wholly owned subsidiary. The investment is a strategic move towards fulfilling the country's commitment to reduce emissions by 45 per cent by 2030, while also driving the adoption of electric vehicles (EVs). This marks IFC's first investment in an EV manufacturer in the country and the world's first investment in electric three-wheelers.

The investment will be in the form of compulsory convertible instruments, valuing the last mile mobility division at up to Rs 6,020 crore. IFC's stake will range from 9.97 per cent to 13.64 per cent, covering three-wheelers (Alfa, Treo, Zor) and four-wheeler SCVs (Jeeto).

Mahindra & Mahindra's commitment to becoming "Planet Positive" by 2040 will be further bolstered through the electrification of its last mile mobility business at scale. Additionally, the investment presents significant opportunities for growth and empowerment of micro and women entrepreneurs.

This strategic partnership between IFC and Mahindra & Mahindra aims to accelerate the adoption of electric two-wheelers and three-wheelers with a target of 80 per cent penetration by 2030. The plan also includes achieving 70 per cent electric commercial vehicle penetration and 30 per cent electric private car penetration within the same timeframe.
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