Macquarie Asset Management Raises $405 Million for India EV Platform Vertelo

Macquarie Asset Management has raised $405 million for Vertelo, a fleet electrification solutions platform in India, combining commercial and developmental funding to address the country's EV transition.

The fundraising includes $205 million from institutional investors, unlocking $200 million in concessional capital from the Green Climate Fund as anchor investor. Additional investors include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.

Blended Finance Model

The partnership represents Macquarie Asset Management's first blended finance arrangement with the Green Climate Fund, demonstrating the firm's ability to mobilise capital at scale for climate challenges.

Launched in April 2024, Vertelo provides integrated fleet electrification solutions including leasing and financing, charging infrastructure, energy management, fleet management services, and end-of-life asset management. The platform has formed partnerships with leading OEMs including Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo.

"We're pleased to have closed this $405 million fundraising for Vertelo, MAM's largest investment commitment in the electric vehicle space in Asia," said Abhishek Poddar, Managing Director at Macquarie Asset Management.

Market Opportunity

India's EV market is projected to grow at a compound annual growth rate of approximately 27%, reaching $59 billion in annual sales by 2035. The growth is supported by government policies, corporate sustainability goals, and an expanding range of EV products.

"This partnership exemplifies how private capital can drive impactful climate solutions at scale," said Peter Ellersiek and Lucie Bernatkova, Co-Heads of Blended Finance Equity at Allianz Global Investors.

Macquarie Asset Management manages approximately $588.1 billion in assets and has invested over $4.2 billion in equity capital across businesses in India since 1999.

To find out more, visit: macquarie.com