Macquarie Asset Management has raised US$405 million for Vertelo, its fleet electrification platform focused on India’s fast-growing electric vehicle market.
The funding includes US$205 million from institutional investors and US$200 million in concessional capital from the Green Climate Fund, which acted as the anchor investor.
This is Macquarie’s biggest investment in Asia’s electric vehicle sector and also its first blended finance partnership with the Green Climate Fund (GCF).
Other investors in the round include the Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.
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Vertelo was launched in April 2024 by Macquarie’s Green Investment team. It offers complete fleet electrification services such as vehicle leasing, charging stations, energy management, and fleet support.
The platform has partnered with major vehicle makers like Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo.
India’s electric vehicle market is expected to grow by 27% each year and reach $59 billion in yearly sales by 2035. Government policies and corporate sustainability efforts are pushing this growth. The new funding will help Vertelo take advantage of this opportunity.
Macquarie has been in India since 1999 and has invested more than $4.2 billion in Indian businesses. It has offices in Mumbai and Gurugram, which together make up its largest team outside Australia.
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