Macquarie Asset Management (MAM) has raised $405 million for Vertelo, a fleet electrification solutions platform in India. The financing package comprises $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund (GCF), which acted as anchor investor. Additional investors include Macquarie’s Green Energy Transition Solutions Fund (MGETS), Allianz Global Investors, and Australian Ethical.
The transaction marks MAM’s first blended finance partnership with the GCF, combining commercial and developmental capital to accelerate India’s electric mobility transition.
Vertelo, launched in April 2024 by MAM’s Green Investment team, aims to support the shift to electric vehicles by providing integrated services such as leasing and financing, charging infrastructure, energy management, fleet management and end-of-life asset solutions. The platform has already formed partnerships with leading original equipment manufacturers (OEMs) including Tata Motors, Eicher Volvo, MG Motors, Switch Mobility, Eka Mobility and JBM.
Abhishek Poddar, Managing Director at MAM, described the fundraising as the firm’s largest commitment to the electric vehicle sector in Asia, adding that the platform was designed to “set new benchmarks for sustainable investment in the market”.
Henry Gonzalez, Chief Investment Officer at the GCF, said the initiative would help expand financing solutions for India’s electric mobility sector, while Allianz Global Investors noted the investment would contribute to both decarbonisation and energy security goals. Australian Ethical said the project was in line with its charter to back sustainable and low-emission investments.
India’s electric vehicle market is forecast to expand rapidly, supported by government incentives and corporate commitments. Analysts project the sector could reach $59 billion in annual sales by 2035, with a compound annual growth rate of around 27 per cent. Vertelo is expected to play a significant role in this expansion.
