**Macquarie Asset Management Secures $405 Million for Fleet Electrification in India**
Macquarie Asset Management has successfully raised $405 million for Vertelo, a platform dedicated to fleet electrification solutions in India. This funding round saw participation from several notable investors, including the Green Climate Fund (GCF), Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical. The investment comprises $205 million from institutional investors, with the remaining $200 million sourced as concessional capital from the GCF, which serves as the anchor investor.
This innovative partnership model, which blends commercial and developmental funding, underscores Macquarie’s capability to mobilize substantial capital to tackle pressing climate issues while providing value to its investors. This marks Macquarie Asset Management’s inaugural blended finance partnership with the GCF.
Abhishek Poddar, managing director of Macquarie Asset Management, highlighted that this investment represents the firm’s largest commitment to the electric vehicle (EV) sector in Asia. He noted, “In just over a year, the MAM GI and Vertelo teams have established a robust operational platform in India, aligning with our global strategy of investing in expanding businesses and emerging sectors within the energy transition landscape.”
Vertelo aims to expedite the development of essential infrastructure and foster a sustainable ecosystem for electric vehicle adoption in India. Henry Gonzalez, chief investment officer at the GCF, emphasized the platform’s role in providing financing solutions to support this transition.
Launched by MAM Green Investment in April 2024, Vertelo is focused on facilitating fleet transitions to electric vehicles and creating a comprehensive ecosystem. The platform offers integrated solutions, including leasing and financing, charging infrastructure, energy management, fleet management services, and end-of-life asset management.
Vertelo has established partnerships with leading original equipment manufacturers such as Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo, enhancing its position in the market.
The Indian government has prioritized electric mobility as part of its ambitious goal to achieve net-zero carbon emissions by 2070. With a projected compound annual growth rate (CAGR) of 27%, India’s EV market is anticipated to reach $59 billion in annual sales by 2035. Since 2008, the Macquarie Group has invested $2.5 billion in India’s infrastructure, focusing on energy transition, infrastructure, and digital communications.
As investor interest in green mobility continues to grow, initiatives like the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which has a ₹10,900 crore allocation, further support this burgeoning sector.
**FAQ**
**What is Vertelo and its role in India’s electric vehicle market?**
Vertelo is a fleet electrification solutions platform that aims to accelerate the transition to electric vehicles in India by providing integrated financing solutions, charging infrastructure, and fleet management services.