Macquarie Asset Management Bags $405 Mn For Indian EV Platform Vertelo

Macquarie Asset Management has raised $405 Mn (around INR 3,542 Cr) for Vertelo, its fleet electrification platform targeting India’s rapidly expanding electric vehicle market.

The funding includes $205 Mn from institutional investors and $200 Mn in concessional capital from its anchor investor Green Climate Fund. Other investors include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical. 

Macquarie said in a statement that the infusion for Vertelo is aimed at accelerating EV transition and building a robust EV ecosystem in India.

Launched in April 2024 by Macquarie’s Green Investment team, Vertelo provides a suite of services ranging from vehicle leasing and financing, charging infrastructure and energy management, to fleet management and end-of-life asset management. 

Vertelo works closely with companies across the e-mobility sector, including established manufacturers like Tata Motors, MG Motors, JBM, Eka Mobility, Switch Mobility and Eicher Volvo. 

“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…,” said Abhishek Poddar, managing director, Macquarie Asset Management.

Macquarie Asset Management is a part of Macquarie Group, which provides asset management, finance, banking, advisory and risk and capital solutions across debt, equity and commodities. 

Highlighting India’s significance, Macquarie Group stated that its investments have now exceeded $4.2 Bn in equity capital across various sectors within the country.

India Accelerates Towards An Electric Future

India’s EV sector is witnessing strong momentum, fuelled by rising consumer preference for sustainable and cost-effective mobility, increasing participation from both local and global players and heightened investor confidence. However, gaps in charging infrastructure remain a key hurdle.

Moreover, government’s initiatives to accelerate green mobility and reduce fossil fuel dependence are steering the $54.4 Bn market, which is growing at 2.4x annually and projected to touch $132.2 Bn by 2030.

The ecosystem spans original equipment manufacturers (OEMs), EV fleet management platforms, battery solution providers, and more. In the fleet management space, Zypp Electric is offering end-to-end EV solutions for enterprises across B2B and B2C use cases. Similarly, Gurugram-based EVeez, an electric mobility-as-a-service startup, enables gig workers to access two-wheeler EVs on a subscription basis. The startup recently raised $5.4 Mn in its Series A round led by the Michael & Susan Dell Foundation.

The electric two-wheeler (E2W) segment has emerged as the fiercest battleground, with startups rapidly closing the gap with legacy players. While established names like TVS, Bajaj, and Hero continue to dominate, challengers such as Ola Electric and Ather are reshaping the competitive landscape.

In July, TVS Motor and Bajaj Auto topped the E2W registration charts with 20,919 and 18,892 units, respectively, contributing to the 96,686 total registrations recorded that month.

Looking ahead, passenger EV sales are expected to climb to 1,38,606 units in 2025, up from 99,004 last year, according to Frost & Sullivan.