Sydney-based Macquarie Asset Management said on Friday it has raised $405 million for its India-focused fleet electrification platform Vertelo, marking its largest investment in Asia’s electric vehicle sector and a step toward accelerating the country’s shift to clean transport.
The fundraising includes $205 million from institutional investors, unlocking $200 million in concessional capital from the Green Climate Fund, which acted as anchor investor.
Other participants include Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors and Australian Ethical.
Blended Finance Model
Macquarie said the blended finance structure combining commercial and developmental funding highlights its ability to mobilize capital at scale to tackle climate challenges while generating returns. It is the firm’s first blended finance partnership with the GCF.
Launched in April 2024, Vertelo provides integrated solutions for electric fleets such as leasing, charging infrastructure, energy management, fleet services and end-of-life asset handling.
It has forged partnerships with domestic and global automakers, including Tata Motors, Eicher Volvo, Switch Mobility, JBM, MG Motors and Eka Mobility.
“Closing this $405 million fundraising reflects our global strategy of investing in high-growth businesses within the energy transition,” said Abhishek Poddar, managing director at Macquarie Asset Management, in a statement.
Investor Backing for EV Transition
GCF Chief Investment Officer Henry Gonzalez said the initiative would help scale India’s e-mobility ecosystem sustainably. Allianz Global Investors’ blended finance equity heads Peter Ellersiek and Lucie Bernatkova called the project a compelling investment opportunity aligned with decarbonization goals.
Adam Roberts, head of private markets at Australian Ethical, said the investment supports emissions reduction and aligns with its ethical charter.
India’s EV sector is expanding rapidly, driven by favorable policies, corporate sustainability targets and a wider range of vehicles. Annual sales are projected to hit $59 billion by 2035, growing at a compound annual rate of around 27 percent.
Vertelo is expected to play a key role in meeting that demand, Macquarie said.
India is a priority market for Macquarie Group, which has invested more than $4.2 billion in equity capital in the country since 1999. It employs several hundred people in Mumbai and Gurugram, one of its largest staff bases outside Australia.
