Macquarie Asset Management has secured $405 million in funding for Vertelo, its fleet electrification platform focused on India’s electric vehicle market. The funding includes $205 million from institutional investors and $200 million in concessional capital from the Green Climate Fund, which is the anchor investor. This marks Macquarie’s largest investment in the Asian EV sector and its first blended finance partnership with the Green Climate Fund. Launched in April 2024, Vertelo offers integrated fleet electrification services such as vehicle leasing, charging infrastructure, energy management, and fleet services. The platform has partnerships with major original equipment manufacturers including Eka Mobility, JBM, MG Motors, Switch Mobility, Tata Motors, and Eicher Volvo. India’s EV market is expected to grow at a 27% compound annual growth rate, reaching $59 billion in annual sales by 2035. Macquarie has been active in India since 1999, investing over $4.2 billion in equity capital and operating offices in Mumbai and Gurugram. (Updated 22 Aug 2025, 11:05 IST; source: link)