Mahindra Last Mile Mobility Limited (MLML) has successfully raised ₹322 crore in a funding round spearheaded by Lightrock, with contributions from existing investors International Finance Corporation (IFC) and the India-Japan Fund (IJF), managed by the National Investment and Infrastructure Fund (NIIF). This recent financial boost has elevated the company’s valuation to an impressive ₹10,822 crore, officially granting it Unicorn status.
In this significant transaction, Khaitan & Co extended its legal expertise to Mahindra & Mahindra Limited and Mahindra Last Mile Mobility. The legal firm’s responsibilities encompassed drafting, negotiating, and finalizing the term sheet and definitive agreements, conducting vendor due diligence on MLML, providing general corporate and securities law advice, facilitating the execution of transaction documents, and ensuring compliance with the Competition Act, 2002.
The core transaction team from Khaitan & Co was led by Partners Ashraya Rao and Vidur Sinha. They were supported by Sheldon Dsouza (Principal Associate), Priyal Reddy (Senior Associate), Akhil Thomas (Senior Associate), and Tirthesh Jain (Associate). Additional assistance in vendor due diligence was provided by Palak Sheth and Shukla Pooja for corporate aspects, Deepak Kumar and Sukriti Shrivastava for employment law, Sudheer Madamaiah, Amruthavarshini, and Esha Shah for real estate, and Smriti Yadav and Rashmee Kumar for intellectual property.
Regarding securities law, the firm’s Executive Director Sudhir Bassi offered guidance, while Partner Anshuman Sakle provided insights on competition law matters.
This investment marks a significant milestone for Mahindra Last Mile Mobility as it continues to pursue its ambitious target of deploying one million electric vehicles on Indian roads by 2031.
If you are interested in having your Deals, Columns, or Press Releases featured on Bar & Bench, please fill out the form available here.
