Mahindra & Mahindra Ltd.

IFC is investing Rs 600 crore in a new last mile mobility (LMM) company - a wholly owned subsidiary of Mahindra & Mahindra (M&M) that will be newly incorporated (NewCo). A gamechanger for microentrepreneurs in India, the funding will transform lives by boosting their income and paving the way for the auto industry’s seamless shift from fossil fuel to electric vehicles (EVs). The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo. The NewCo will house the last-mile mobility division, including three-wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto).

IFC's financing will help scale up electric mobility in last-mile connectivity -- passenger and cargo segments -- while enabling the development and manufacturing of new generation products in this space.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.