Macquarie Asset Management has closed a $405 million funding round for Vertelo, its fleet electrification platform targeting India’s rapidly expanding electric vehicle market. The funding comprises $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund, which served as anchor investor.
The investment represents Macquarie’s largest commitment to the Asian EV sector and marks its first blended finance partnership with the GCF. Other investors include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.
Launched in April 2024 by Macquarie’s Green Investment team, Vertelo provides integrated fleet electrification services including vehicle leasing, charging infrastructure, energy management, and fleet services. The platform has established partnerships with major original equipment manufacturers including Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo.
India’s EV market is projected to grow at a 27 per cent compound annual growth rate, reaching $59 billion in annual sales by 2035, driven by government policies and corporate sustainability initiatives. The funding will help Vertelo capitalize on this growth trajectory.
Macquarie has maintained a presence in India since 1999, investing over $4.2 billion in equity capital across Indian businesses. The firm operates offices in Mumbai and Gurugram as part of its largest staff base outside Australia.
