Macquarie Asset Management (MAM) has raised $405 million for Vertelo, a platform focused on electrifying fleets in India. This funding includes $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund (GCF). Other supporters include the Macquarie Green Energy Transition Solutions Fund (MGETS), Allianz Global Investors, and Australian Ethical.
This partnership combines commercial and developmental funding, demonstrating MAM’s ability to attract substantial capital to address climate challenges while generating returns for investors. It is the first blended finance partnership between MAM and the GCF.
Vertelo, launched in April 2024 by MAM’s Green Investment team, aims to speed up the transition of vehicle fleets to electric power. It offers solutions such as leasing and financing, charging infrastructure, energy management, fleet management, and end-of-life asset management. Since its inception, Vertelo has established significant partnerships with key players in India’s electric mobility sector, including companies such as Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo.
India’s electric vehicle market is growing quickly due to supportive government policies, corporate responsibility goals, and a wide range of available EV products. The market is expected to grow at a rate of approximately 27% per year and could reach $59 billion in annual sales by 2035. Vertelo is poised to capitalize on this growth and play a pivotal role in India’s transition to sustainable transportation.
India is a crucial market for Macquarie Group. Since 1999, the group has invested over $4.2 billion in various businesses in the country. India also hosts one of the firm’s largest offices outside Australia, located in Mumbai and Gurugram.
KEY QUOTES:
“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 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. We’re committed to leveraging Macquarie’s global expertise and deep local insights to develop Vertelo into a best-in-class platform, driving meaningful impact and setting new benchmarks for sustainable investment in the market.”
Abhishek Poddar, Managing Director, MAM
“We are pleased to see the India E-Mobility Finance Programme reach this important milestone. 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.”
Henry Gonzalez, Chief Investment Officer at the GCF
“Energy security and decarbonization goals create compelling investment opportunities. Supporting Vertelo’s rapid expansion of EV infrastructure in India drives measurable climate transition gains in the global shift towards green energy. This partnership exemplifies how private capital can drive impactful climate solutions at scale.”
Peter Ellersiek and Lucie Bernatkova, Co-Heads of Blended Finance Equity at AllianzGI
“We’re pleased to be partnering with Macquarie Asset Management to provide capital and support for the electrification of vehicles and to help reduce carbon and tailpipe emissions. 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.”
Adam Roberts, Head of Private Markets at Australian Ethical
