Investment firm Macquarie Group successfully raises $405 million for electric vehicle company Vertelo, promoting a faster electric vehicle transition in India.
Macquarie-Led Consortium Raises $405 Million for Vertelo, India's EV Fleet Electrification Platform
In a significant move towards scaling climate solutions in emerging markets, a partnership has been formed between Vertelo, a leading EV fleet electrification platform in India, and several prominent automotive players. The partnership, which includes Tata Motors, MG Motors, JBM, Switch Mobility, Eicher Volvo, and Eka Mobility, aims to expand Vertelo's fleet electrification services across India.
The funding for this ambitious project comes from a consortium led by the Green Climate Fund (GCF), with $200 million in concessional capital. Other investors include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical. Notably, the Australian Ethical's Head of Private Markets, Adam Roberts, stated that investments like Vertelo are aligned with their key investment thematics and ethical charter.
Macquarie Asset Management (MAM) raised $405 million for Vertelo, marking their largest investment commitment in the electric vehicle space in Asia. In 2024, MAM provided $200 million in financing for Vertelo. The MAM GI and Vertelo teams have built a strong operating platform in India in just over a year.
Abhishek Poddar, Managing Director at MAM, stated that this is MAM's largest investment commitment in the electric vehicle space in Asia. He further added that the partnership positions Vertelo to become a cornerstone in building out India's EV ecosystem, given the favourable policy support and corporate decarbonization commitments.
The Indian EV market, projected to grow at a 27% CAGR and reach $59 billion in sales by 2035, presents a central opportunity for investors. Vertelo offers integrated EV fleet solutions, including leasing, financing, charging infrastructure, fleet management, energy optimization, and end-of-life services.
The funding marks MAM's largest EV investment in Asia to date, underscoring India's importance as both an investment destination and an operational hub for the firm. Macquarie employs significant teams in Mumbai and Gurugram, reflecting this commitment.
Supporting Vertelo's rapid expansion of EV infrastructure in India drives measurable climate transition gains, according to AllianzGI's Peter Ellersiek and Lucie Bernatkova. The GCF Chief Investment Officer, Henry Gonzalez, also noted that the initiative will provide financing solutions that accelerate India's development of critical infrastructure for electric vehicle use.
Macquarie has invested over $4.2 billion across sectors in India since 1999, demonstrating their long-term commitment to the country. The Indian EV market is poised for significant growth, and with partners like Vertelo, Macquarie is well-positioned to contribute to this transformation.
