Macquarie Asset Management Secures $405M for EV Fleet Platform Vertelo in India
• Macquarie Asset Management raises $405M for Vertelo EV platform.
• Green Climate Fund contributes $200M in concessional capital.
• Vertelo partners with top OEMs like Tata Motors, MG, and Switch Mobility.
Macquarie Asset Management (MAM) has raised $405 million to fuel the growth of Vertelo, its electric fleet solutions platform in India. Launched in April 2024 under MAM Green Investment, Vertelo focuses on accelerating clean mobility through financing, charging infrastructure, fleet management, and end-of-life asset solutions.
The fundraising round included $205 million from institutional investors and $200 million in concessional capital from anchor investor Green Climate Fund (GCF). Concessional capital, often called “patient capital,” is offered on terms more favourable than market norms to support projects with social, environmental, or developmental impact.
Other participants in the round include Macquarie Green Energy Transition Solutions Fund (MGETS), Allianz Global Investors (AllianzGI), and Australian Ethical.
Vertelo has already built strong industry partnerships with leading OEMs such as EKA Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo, positioning itself as a key player in India’s EV transition.
Abhishek Poddar, Managing Director, MAM said, This $405 million raise marks MAM’s largest investment commitment in Asia’s electric vehicle sector. Within a year, Vertelo has built a strong operating foundation in India, aligning with our global strategy to invest in fast-growing businesses and energy transition opportunities
The move comes amid rapid expansion in India’s EV industry, supported by government incentives. The sector is projected to grow at a 27% CAGR, reaching $59 billion in annual sales by 2035. For Macquarie Group, which has already deployed $4.9 billion in equity capital in India since 1999, the investment underscores its long-term commitment to the country’s sustainable growth.
