India-Japan Fund

India-Japan Fund is an investment fund that has invested in Indian electric-mobility businesses, including Ather Energy, an electric two-wheeler maker, and Mahindra Last Mile Mobility, an electric three-wheeler business. [1] source: CNBC-TV18[2] source: Financial Express[3] source: Outlook Business Ather’s July 2026 fundraise was intended to support manufacturing, retail expansion and a mass-market e-scooter push, while Mahindra Last Mile Mobility said it would use fresh capital to accelerate deployment in India and expand products. [4] source: NDTV Profit[3] source: Outlook Business

In August 2026, India-Japan Fund invested approximately ₹200 crore in Ather Energy’s ₹1,200 crore preferential fundraise and was allotted 16.3 lakh equity shares at ₹1,230 per share. [1] source: CNBC-TV18 The fundraise was intended to support manufacturing, technology and product expansion at Ather, including a Maharashtra plant adding 5 lakh annual units. [5] source: NDTV Profit In July 2026, India-Japan Fund joined Lightrock and IFC in a ₹322 crore funding round for Mahindra Last Mile Mobility, which was valued at ₹10,822 crore after the round. [2] source: Financial Express Mahindra Last Mile Mobility said it would use fresh capital to accelerate deployment in India and target one million EVs on roads by 2031. [2] source: Financial Express