Macquarie successfully raised $405 million for the Indian EV platform known as Vertelo.

At the cutting edge of infrastructure asset management, Macquarie Asset Management has raised $405 million for Vertelo, which provides a fleet electrification solution, specifically for India.

Out of the total funding, $205 million is focussed on institutional investors, and the remaining amount of $200 million in concessional capital, specifically from the Green Climate Fund (GCF), the anchor investor. Additional investors include the Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical, as the company has confirmed.

Vertelo was introduced by the MAM Green Investment team in April 2024, and is dedicated to provide integrated fleet electrification solutions to customers which includes leasing and financing, related to infrastructure for charging and energy management combined with fleet management solutions.

Vertelo aims to invest $1.5 billion in the upcoming decade, targeting a decrease of approximately 9.5 metric tons of carbon dioxide-equivalent (MtCO2e), which will contribute to lowering greenhouse gas emissions.

The platform is also establishing various strategic alliances, specially across the e-mobility ecosystem, and those players working with leading operators across India in order to increase clean and efficient transport. These include collaborations with top OEMs such as Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo. 

The Managing Director of MAM, Abhishek Poddar, expressed his views on this and said, “We are pleased to finalize the deal at $405 million fundraising for Vertelo, which is MAM’s largest investment in electric mobility in Asia.”

Poddar also highlighted that Vertelo had a commitment of around $50 million worth of transactions earlier. He further added, “Apart from value, I would like to say that we have more than 350-400 EVs running on the roads, or about to be used on roads soon. 

We have a strong belief that Vertelo will soon become one of the largest EV owners, especially in commercial transport like buses, trucks and 4W fleet in the whole country soon. Over the period of next 2 years, we will be operating more than 2,000 vehicles on the ground.”