Macquarie helps mobilise $405M investment for Vertelo

Macquarie Asset Management (MAM) has raised $405 million for Vertelo, a fleet electrification solutions platform in India. The funding includes $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund (GCF), the anchor investor. Other investors include Macquarie Green Energy Transition Solutions Fund (MGETS), Allianz Global Investors (AllianzGI), and Australian Ethical.

The initiative marks MAM’s first blended finance partnership with GCF. Vertelo was launched by the MAM Green Investment team in April 2024 to support fleet transitions to electric vehicles and to develop EV-related infrastructure. The platform offers leasing and financing, charging infrastructure and energy management, fleet management services, and end-of-life asset management. The capital raised will be used to expand these services and scale EV ecosystem development in India.

Vertelo has formed partnerships with several OEMs, including Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo, to improve access to EVs and related services.

Abhishek Poddar, Managing Director, MAM, said: “We’re pleased to have closed this $US405 million fundraising for Vertelo, MAM’s largest investment commitment in the electric vehicle space in Asia. In just over a year, the MAM GI and Vertelo teams have built a strong operating platform in India. This reflects our global strategy of investing in growing businesses and emerging sectors within the energy transition domain. We’re committed to leveraging Macquarie’s global expertise and deep local insights to develop Vertelo into a best-in-class platform, driving meaningful impact and setting new benchmarks for sustainable investment in the market.”

Henry Gonzalez, Chief Investment Officer at the GCF, said: “We are pleased to see the India E-Mobility Finance Programme reach this important milestone. The initiative will provide financing solutions that accelerate India’s development of critical infrastructure and an overall ecosystem in which electric vehicle use grows sustainably. It is a good example of how GCF is accelerating access to climate finance and driving the shift to low-emission and climate-resilient development.”

Representatives from AllianzGI said the investment in Vertelo supports EV infrastructure expansion in India while contributing to decarbonization efforts. Adam Roberts, Head of Private Markets at Australian Ethical, said the investment aligns with the firm’s investment themes and ethical charter.

India’s EV market is projected to grow at a compound annual growth rate (CAGR) of around 27%, reaching $59 billion in annual sales by 2035. Macquarie Group has invested more than $4.2 billion in equity capital in India since 1999 and operates offices in Mumbai and Gurugram.

Also read: Macquarie Asset Management launches Vertelo for EV fleet solutions in India