Macquarie raises $405 mn for its EV fleet solutions provider Vertelo

BENGALURU: Macquarie Asset Management (MAM) has raised $405 million for Vertelo, its fleet electrification platform in India, marking the firm’s largest investment commitment in the electric vehicle (EV) sector in Asia.

Vertelo was created and is operated by Macquarie Asset Management. The platform, launched in April 2024, provides integrated solutions to support EV fleet adoption, including leasing and financing, charging infrastructure, energy management, fleet operations, and end-of-life asset handling. The $405 million fundraising combines $205 million from institutional investors with $200 million in concessional capital from the Green Climate Fund (GCF), the anchor investor. Other investors include Macquarie’s Green Energy Transition Solutions Fund, Allianz Global Investors and Australian Ethical.

The platform has struck partnerships with automakers including Tata Motors, Eicher Volvo, MG Motors, JBM Auto, Switch Mobility and Eka Mobility. These collaborations span across electric buses and commercial fleets. Its services include leasing and financial solutions, charging infrastructure and energy solutions, fleet management services and end of vehicle life management.

This transaction represents MAM’s first blended finance partnership with the GCF, combining commercial and developmental capital to accelerate the shift towards sustainable mobility. Abhishek Poddar, Managing Director at MAM, said the deal underscores the firm’s strategy of building businesses in emerging sectors of the energy transition. “In just over a year, the MAM GI and Vertelo teams have built a strong operating platform in India. 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,” he said.

Henry Gonzalez, Chief Investment Officer at GCF, said the programme will help provide financing solutions that accelerate India’s EV infrastructure development.

India’s EV market is projected to grow at a compound annual rate of about 27%, reaching $59 billion in annual sales by 2035, according to industry estimates.

Macquarie has been present in India since 1999 and has invested over $4.2 billion in equity capital across businesses. India also hosts one of its largest employee bases outside Australia, with offices in Mumbai and Gurugram.