Zepto Halts IPO as Valuation Reset Hits, While Mahindra's EV Arm Hits Unicorn Status

Mahindra Last Mile Mobility has hit a unicorn valuation, and its CEO just confirmed a 2027 IPO plan. The EV-focused subsidiary riding India's electric three-wheeler boom—where penetration jumped from 12% to 40%—is now valued at over $1 billion. This is a massive vote of confidence in the country's electric mobility transition and shows that profitable, hardware-focused startups can still command premium valuations even in a cautious market.

The Bear Case

**Zepto has put...