Macquarie Asset Management (MAM) has raised $405 million for its fleet electrification platform Vertelo, representing the firm’s largest electric vehicle investment in Asia to date. The funding round blends institutional and climate finance, underscoring the growing use of blended capital to scale climate-focused infrastructure in emerging economies.

Green Climate Fund Anchors with $200M Concessional Capital

Of the total raised, $200 million came from the Green Climate Fund (GCF) in the form of concessional finance, while the remaining $205 million was contributed by institutional investors including Allianz Global Investors, Australian Ethical, and the Macquarie Green Energy Transition Solutions Fund. GCF’s anchor investment highlights international support for India’s EV transition as a climate imperative.

GCF Chief Investment Officer Henry Gonzalez noted that the initiative will help establish foundational EV infrastructure and financing models that are scalable and inclusive. “This is a strong example of how GCF accelerates climate finance access and drives sustainable, low-emission development pathways,” he said.

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Vertelo: Building an Integrated EV Platform

Launched in April 2024, Vertelo provides end-to-end services for fleet electrification in India. Its offerings span electric vehicle leasing, charging infrastructure, energy optimization, lifecycle fleet management, and eventual vehicle retirement or reuse services. The platform already has partnerships with several key original equipment manufacturers (OEMs) including Tata Motors, MG Motors, JBM, Switch Mobility, Eicher Volvo, and Eka Mobility.

“Closing this $405 million round reinforces our global strategy to support high-growth sectors within the energy transition,” said Abhishek Poddar, Managing Director at MAM. “In just over a year, the team has built a robust operating model in India to meet growing EV demand.”

Institutional Support Signals Market Confidence

Institutional backers emphasized Vertelo’s alignment with measurable environmental impact. AllianzGI’s Peter Ellersiek and Lucie Bernatkova cited the venture’s role in accelerating scalable EV infrastructure as a key contributor to India’s climate transition. Australian Ethical’s Head of Private Markets, Adam Roberts, added that Vertelo aligns closely with their ethical charter focused on sustainable outcomes for people, the planet, and animals.

India’s EV Market: A $59 Billion Opportunity

India's EV sector is poised for exponential growth, projected to reach $59 billion in annual sales by 2035 with a compound annual growth rate (CAGR) of 27%. Government incentives, rising corporate decarbonization commitments, and evolving consumer preferences are all contributing to rapid expansion. Vertelo’s model positions it as a critical player in scaling the supporting ecosystem needed to meet this demand.

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Macquarie’s Long-Term Commitment to India

Macquarie has been operating in India since 1999 and has deployed more than $4.2 billion across multiple sectors. With operational teams in Mumbai and Gurugram, the country serves as both a strategic investment destination and a base for regional operations. The Vertelo investment reaffirms Macquarie’s intent to play a leading role in India’s clean energy and transport transformation.

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