Macquarie Asset Management has raised $405 million (Rs 3,542 crore) for its fleet electrification platform Vertelo, which aims to invest in India’s fast-growing electric vehicle (EV) market.
In May, VCCircle had reported that Macquarie was looking to double its India exposure and invest up to an additional $3.5 billion in the country by 2030. It has invested around the same amount since 2009 when it first entered the country.
The Australian infrastructure investor has secured capital from a bunch of global investors, including South Korea-based Green Climate Fund (GCF), Australian Ethical Investment, Allianz Global Investors, and its own Macquarie Green Energy Transition Solutions.
“We have closed $405-million fundraising for Vertelo,” Abhishek Poddar, managing director, Macquarie Asset Management, said. “In just over a year, we 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."
Of the total, $200 million was raised as concessional capital from GCF, with the rest coming from the other investors.
“The India e-mobility finance programme has reached an important milestone,” Henry Gonzalez, chief investment officer at GCF, said. “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.”
Launched in April 2024, Vertelo aims to invest $1.5 billion over the next decade, providing integrated fleet electrification services, including charging infrastructure, vehicle leasing, and energy management. The platform marks Macquarie’s biggest commitment yet to the Asian EV market and is its first blended finance partnership with GCF.
Among its commercial partners are original equipment manufacturers like Eicher Volvo, Tata Motors, Switch Mobility, Eka Mobility, MG Motors, JK Tyres, and JBM.