$405 million raised, including $200 million in concessional capital from the Green Climate Fund
Vertelo to expand fleet electrification services across India, building a robust EV ecosystem
Partnership highlights blended finance as a model to scale climate solutions in emerging markets
Macquarie Asset Management (MAM) has secured $405 million for Vertelo, its India-based fleet electrification platform, marking its largest EV investment in Asia to date. The raise combines $205 million from institutional investors with $200 million in concessional capital from the Green Climate Fund (GCF), the anchor investor. Other backers include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.
The platform, launched in April 2024 by MAM’s Green Investment team, offers integrated EV fleet solutions including leasing and financing, charging infrastructure, fleet management, energy optimization, and end-of-life services. Vertelo has already partnered with key original equipment manufacturers such as Tata Motors, MG Motors, JBM, Switch Mobility, Eicher Volvo, and Eka Mobility.
Abhishek Poddar, Managing Director at MAM, said: “We’re pleased to have closed this $US405 million fundraising for Vertelo, MAM’s largest investment commitment in the electric vehicle space in Asia. In just over a year, the MAM GI and Vertelo teams have built a strong operating platform in India. This reflects our global strategy of investing in growing businesses and emerging sectors within the energy transition domain.”
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GCF Chief Investment Officer Henry Gonzalez noted: “The initiative will provide financing solutions that accelerate India’s development of critical infrastructure and an overall ecosystem in which electric vehicle use grows sustainably. It is a good example of how GCF is accelerating access to climate finance and driving the shift to low-emission and climate-resilient development.”
Private capital providers echoed the potential impact. AllianzGI’s Peter Ellersiek and Lucie Bernatkova highlighted that “supporting Vertelo’s rapid expansion of EV infrastructure in India drives measurable climate transition gains,” while Adam Roberts, Head of Private Markets at Australian Ethical, added: “Investments like Vertelo are aligned with our key investment thematics and our ethical charter, which seeks to invest for a better world for people, planet, and animals.”
India’s EV market, projected to grow at a 27% CAGR and reach $59 billion in sales by 2035, is a central opportunity for investors. With favorable policy support and corporate decarbonization commitments, Vertelo is positioned to become a cornerstone in building out the country’s EV ecosystem.
Macquarie has been active in India since 1999, with over $4.2 billion invested across sectors. The firm employs significant teams in Mumbai and Gurugram, underlining India’s importance as both an investment destination and an operational hub.
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