Macquarie Asset Management has secured US$405 million from global investors for its EV financing platform in India.

The platform, called Vertelo, leases and finances electric buses and trucks and provides charging infrastructure.

Investors in the round include South Korea’s Green Climate Fund, Australian Ethical Investment, Europe’s Allianz Global Investors, and Macquarie Green Energy Transition Solutions.

Green Climate Fund is contributing US$200 million, making up nearly half of the total investment.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ India’s EV market evolution creates new financing opportunities

India’s electric vehicle landscape has fundamentally shifted from early adoption patterns, creating substantial opportunities for specialized financing platforms.

In 2018-19, three-wheelers dominated EV sales at 83%, while two-wheelers represented just 16.4% of the market 1. By 2024, this transformation accelerated dramatically—over 50% of all three-wheelers sold were electric 2.

This rapid commercialization explains why Macquarie’s Vertelo platform focuses specifically on electric buses and trucks rather than passenger vehicles. Commercial operators prioritize total cost of ownership over upfront purchase price, making them ideal candidates for leasing arrangements.

The market’s projected growth from $3.21 billion in 2022 to $113.99 billion by 2029, a compound annual growth rate of 66.52%, demonstrates the scale of financing demand that platforms like Vertelo aim to capture 2.

2️⃣ Infrastructure financing becomes the critical scaling bottleneck

The government’s dramatic increase in charging infrastructure funding reveals how capital requirements have shifted from vehicle subsidies to supporting infrastructure.

The new PM E-DRIVE scheme allocated Rs. 2,000 crore ($233.8 million) specifically for charging infrastructure, while the government increased the automotive sector budget by 74%, with Rs. 4,000 crore ($468 million) dedicated to EV charging infrastructure 2.

The target of establishing 1.32 million charging stations by 2030 represents a massive infrastructure buildout that requires private capital participation 2.

Macquarie’s $405 million fund addresses this financing gap by providing both vehicle leasing and charging infrastructure, creating an integrated approach that reduces adoption barriers for fleet operators.