Platform partners with leading OEMs including Tata Motors and MG Motors to build comprehensive electric vehicle ecosystem across India
Mumbai, August 22, 2025 – Macquarie Asset Management (MAM), a leading global infrastructure asset manager, has successfully raised $405 million for Vertelo, India’s comprehensive fleet electrification solutions platform. This significant funding milestone represents MAM’s largest investment commitment in Asia’s electric vehicle sector and establishes a groundbreaking model for sustainable transportation financing.
The innovative funding structure combines $205 million from institutional investors with $200 million in concessional capital from the Green Climate Fund (GCF), which serves as the anchor investor. Additional participants include the Macquarie Green Energy Transition Solutions Fund (MGETS), Allianz Global Investors (AllianzGI), and Australian Ethical, among other strategic investors.
Revolutionary Blended Finance Approach for Climate Solutions
This unique partnership model demonstrates how commercial and developmental funding can be effectively combined to address critical climate challenges while delivering sustainable value to investors. The collaboration represents MAM’s inaugural blended finance partnership with the GCF, establishing a new framework for mobilizing capital at scale for environmental initiatives.
The successful fundraising showcases MAM’s capability to structure innovative financing solutions that bridge traditional investment approaches with climate-focused developmental funding, creating a scalable model for similar initiatives across emerging markets.
Comprehensive Fleet Electrification Ecosystem
Launched by MAM’s Green Investment (GI) team in April 2024, Vertelo operates as an integrated platform designed to accelerate commercial fleet transitions to electric vehicles while building India’s robust EV infrastructure ecosystem. The platform provides end-to-end solutions including vehicle leasing and financing, charging infrastructure deployment, energy management systems, comprehensive fleet management services, and sustainable end-of-life asset management.
Since inception, Vertelo has established strategic partnerships across India’s e-mobility ecosystem, collaborating with leading operators to expand access to clean and efficient transportation solutions. Key partnerships include collaborations with prominent original equipment manufacturers (OEMs) such as Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo.
Strategic Investment in India’s Growing EV Market
“We are pleased to have successfully closed this $405 million fundraising for Vertelo, representing MAM’s largest investment commitment in the electric vehicle space across Asia,” said Abhishek Poddar, Managing Director at MAM. “In just over one year, the MAM GI and Vertelo teams have constructed a strong operational platform in India. This achievement reflects our global strategy of investing in growing businesses and emerging sectors within the energy transition domain.”
Poddar emphasized MAM’s commitment to leveraging Macquarie’s global expertise and deep local market insights to develop Vertelo into a best-in-class platform that drives meaningful environmental impact while setting new benchmarks for sustainable investment practices in the Indian market.
Global Climate Fund Partnership Milestone
Henry Gonzalez, Chief Investment Officer at the Green Climate Fund, highlighted the initiative’s significance: “We are pleased to see the India E-Mobility Finance Programme reach this important milestone. The initiative will provide comprehensive financing solutions that accelerate India’s development of critical infrastructure and establish an overall ecosystem supporting sustainable electric vehicle adoption.”
The GCF partnership exemplifies how international climate finance mechanisms can effectively accelerate access to funding while driving the transition toward low-emission and climate-resilient development pathways.
Institutional Investor Perspectives on Impact Investment
Peter Ellersiek and Lucie Bernatkova, Co-Heads of Blended Finance Equity at AllianzGI, emphasized the strategic importance of the investment: “Energy security and decarbonization objectives create compelling investment opportunities. Supporting Vertelo’s rapid expansion of EV infrastructure in India drives measurable climate transition benefits as part of the global shift toward renewable energy solutions.”
The partnership demonstrates how private capital can effectively drive impactful climate solutions at scale while generating sustainable returns for institutional investors.
Adam Roberts, Head of Private Markets at Australian Ethical, noted the alignment with sustainable investment principles: “We are pleased to partner with Macquarie Asset Management to provide capital and support for vehicle electrification initiatives that help reduce carbon emissions and tailpipe pollution. Investments like Vertelo align with our key investment themes and ethical charter, which seeks to invest for a better world benefiting people, planet, and animals.”
Capitalizing on India’s Rapid EV Market Growth
India’s electric vehicle market is experiencing unprecedented growth, supported by favorable government policies, corporate sustainability commitments, and an expanding range of EV product offerings. With a projected compound annual growth rate (CAGR) of approximately 27%, the market is expected to reach $59 billion in annual sales by 2035.
Vertelo is strategically positioned to capitalize on this substantial opportunity, playing a critical role in India’s comprehensive transition to sustainable transportation infrastructure and supporting the country’s broader climate commitments.
Macquarie’s Long-term Commitment to India
India represents a key strategic market for Macquarie Group, with the firm having invested over $4.2 billion in equity capital across various Indian businesses since 1999. The country also hosts one of Macquarie’s largest international staff bases outside Australia, with operational offices in Mumbai and Gurugram, providing deep local market expertise and operational capabilities.
This substantial investment in Vertelo reinforces Macquarie’s long-term commitment to India’s economic development while supporting the country’s transition toward sustainable energy and transportation solutions.
About the Global Investment Platform
Macquarie Asset Management operates as a comprehensive global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations, and individuals, MAM manages approximately $588.1 billion in assets through diverse investment solutions including real assets, real estate, credit, and equities & multi-asset strategies.
As part of Macquarie Group, a diversified financial services organization providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity, and commodities markets, MAM benefits from extensive global resources and expertise. Founded in 1969, Macquarie Group employs over 19,000 professionals across 34 markets and maintains a listing on the Australian Securities Exchange.
About Vertelo: Vertelo is India’s leading fleet electrification solutions platform, providing comprehensive services including vehicle financing, charging infrastructure, energy management, and fleet services to accelerate India’s transition to electric mobility.
