EV platform Vertelo to Invest $1.5B Over 10 Years as Macquarie Secures $405M Funding, Targeting 9.5 MtCO2e Emissions Reduction
Macquarie Asset Management (MAM), a leading global infrastructure investor, has raised $405 million to accelerate electric fleet adoption in India through its platform Vertelo. The fresh capital includes $205 million from institutional investors and $200 million in concessional funding from the Green Climate Fund (GCF), which anchors the fundraising. Other backers include the Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.
Launched in April 2024 by MAM’s Green Investment team, Vertelo provides end-to-end fleet electrification solutions, including vehicle leasing and financing, charging infrastructure, energy management, and fleet operations support. The platform plans to invest $1.5 billion over the next decade, targeting an estimated reduction of 9.5 metric tons of carbon dioxide-equivalent (MtCO₂e).
“Closing this $405 million fundraising marks MAM’s largest investment in Asia’s EV space,” said Abhishek Poddar, Managing Director at MAM. “Vertelo has already deployed around 350–400 electric vehicles and committed over $50 million in transactions. Our goal is to have 2,500 vehicles operating in India within the next two years,” he added.
The platform is building partnerships across India’s e-mobility ecosystem, collaborating with major OEMs such as Eka Mobility, JBM, MG Motor, Switch Mobility, Tata Motors, and Eicher Volvo. The focus is on heavier vehicle segments—including buses, trucks, and four-wheeler fleets—that are critical for reducing emissions in commercial transport.
Vertelo’s integrated approach is designed to simplify EV adoption for fleet operators by offering bundled solutions that address high upfront costs, infrastructure gaps, and operational challenges. “We believe Vertelo will soon be India’s largest EV fleet owner, particularly in heavy-duty categories,” Poddar said.
India’s e-mobility sector is witnessing rapid growth, supported by government incentives, state EV policies, and rising corporate demand for sustainable transport. However, challenges around financing, charging availability, and vehicle uptime continue to limit large-scale adoption. Platforms like Vertelo aim to bridge these gaps by providing turnkey solutions rather than standalone products. With the combined backing of institutional capital and concessional funding from GCF, Vertelo is positioned to scale its operations quickly and contribute meaningfully to India’s clean energy transition.
