Mumbai: Macquarie Asset Management (MAM) has successfully raised $405 million for Vertelo, a fleet electrification solutions platform in India.
The fundraising includes $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund (GCF), which acted as the anchor investor.
Other participants include Macquarie Green Energy Transition Solutions Fund (MGETS), Allianz Global Investors (AllianzGI), and Australian Ethical.
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Macquarie Asset Management’s First Blended Finance Partnership with GCF
This fundraising marks Macquarie Asset Management’s first blended finance partnership with the GCF, combining commercial and developmental capital to address climate challenges while creating value for investors.
The collaboration demonstrates MAM’s ability to mobilize capital at scale to accelerate the transition to sustainable infrastructure.
Vertelo: Driving India’s EV Ecosystem
Launched by Macquarie’s Green Investment team in April 2024, Vertelo is focused on accelerating India’s shift to electric mobility. The platform offers end-to-end fleet electrification solutions, including leasing and financing, charging infrastructure, energy management, fleet management services, and end-of-life asset management.
Since its inception, Vertelo has partnered with key automotive OEMs in India, including Tata Motors, MG Motors, Eicher Volvo, Switch Mobility, JBM, and Eka Mobility, creating an ecosystem to increase access to sustainable transport solutions.
Abhishek Poddar, Managing Director, Macquarie Asset Management, said: “We’re pleased to have closed this $405 million fundraising for Vertelo, MAM’s largest investment commitment in the electric vehicle space in Asia. In just over a year, the teams have built a strong operating platform in India, reflecting our global strategy of investing in energy transition and emerging sectors. We are committed to leveraging Macquarie’s expertise to develop Vertelo into a best-in-class platform that drives meaningful impact.”
Henry Gonzalez, Chief Investment Officer at GCF, added: “The India E-Mobility Finance Programme milestone will help finance critical infrastructure and an ecosystem in which EV adoption grows sustainably. It is an excellent example of how GCF is accelerating access to climate finance while supporting low-emission, climate-resilient development.”
Peter Ellersiek and Lucie Bernatkova, Co-Heads of Blended Finance Equity at AllianzGI, said: “Supporting Vertelo’s rapid EV infrastructure expansion in India represents measurable climate transition gains. This partnership is a strong example of how private capital can enable impactful solutions at scale.”
Adam Roberts, Head of Private Markets at Australian Ethical, remarked: “We’re proud to partner with Macquarie Asset Management in supporting vehicle electrification and reducing carbon emissions. Investments like Vertelo align with our mission of investing for a sustainable future.”
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India’s EV Growth Opportunity
India’s EV market is projected to grow at a compound annual growth rate (CAGR) of nearly 27%, reaching $59 billion in annual sales by 2035. With its integrated solutions and partnerships, Vertelo is positioned to play a central role in advancing India’s clean mobility transition.
Macquarie Asset Management’s Long-Term Commitment to India
India is a priority market for the Macquarie Group. Since 1999, the firm has invested more than $4.2 billion in equity capital across Indian businesses. India also hosts one of Macquarie’s largest staff bases outside Australia, with offices in Mumbai and Gurugram.
