New Delhi – In a landmark move for India’s electric mobility sector, Macquarie Asset Management has successfully raised $405 million for its EV-as-a-service (EVaaS) platform, Vertelo. This substantial capital infusion, which combines institutional funding with significant support from the Green Climate Fund, is set to turbocharge the electrification of commercial vehicle fleets and the expansion of crucial charging infrastructure across the country.
Vertelo, launched by Macquarie, is designed to be a one-stop shop for businesses looking to transition their fleets to electric. The platform offers a comprehensive suite of services, including vehicle financing, charging solutions, energy management, and operational support. This integrated approach is critical in overcoming the primary barriers to EV adoption for commercial users, such as high upfront costs, range anxiety, and the complexities of managing charging logistics. The fresh capital will enable Vertelo to significantly expand its operations, procure a larger fleet of electric vehicles, and deploy a dense network of charging stations in key logistical hubs.
The involvement of the Green Climate Fund, the world’s largest climate fund, underscores the global significance of India’s efforts to decarbonize its transport sector. Transportation is one of the largest sources of greenhouse gas emissions in India, and the electrification of commercial fleets, which are in constant use, is seen as a vital step in achieving the nation’s climate targets. Vertelo’s model directly addresses this by making the switch to EVs more accessible and economically viable for businesses of all sizes, from last-mile delivery services to large-scale logistics operators.
Industry analysts believe that this investment will not only bolster Vertelo’s market position but also act as a catalyst for the entire EV ecosystem in India. By demonstrating a scalable and profitable model for fleet electrification, Vertelo is expected to attract further investment into the sector and encourage more businesses to make the green transition. The $405 million fundraise is more than just a financial milestone; it represents a strong vote of confidence in India’s potential to become a global leader in sustainable transportation and a clear signal that the era of electric commercial mobility has truly arrived.
