Macquarie Asset Management Raises USD 405 Mn for Vertelo to Boost EV Transition The funding includes USD 205 million from institutional investors and USD 200 million in concessional capital from the Green Climate Fund, which participated as the anchor investor.
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Macquarie Asset Management has raised USD 405 million for Vertelo, its fleet electrification platform launched in April 2024 to support India's growing electric vehicle sector.
The funding includes USD 205 million from institutional investors and USD 200 million in concessional capital from the Green Climate Fund, which participated as the anchor investor.
The transaction marks Macquarie's largest investment in the Asian electric mobility market and its first blended finance partnership with the Green Climate Fund. Other investors in the round include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.
Vertelo provides integrated services such as vehicle leasing, charging infrastructure, energy management, and fleet operations. The platform has signed partnerships with several leading automakers including Tata Motors, Eicher Volvo, MG Motors, Switch Mobility, JBM, and Eka Mobility. The initiative aims to address barriers to electrification in commercial transport, particularly in fleet operations where upfront costs and charging availability remain significant challenges.
India has been a priority market for Macquarie, which has invested more than USD 4.2 billion in equity capital in the country since 1999. The firm also employs a large workforce in Mumbai and Gurugram, making India one of its key hubs outside Australia.
