MAM Launches Vertelo EV Fleet Platform
Vertelo platform paves a way to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering various solutions.
Sydney, Australia / India – Australia’s Macquire investment arm, Macquarie Asset Management (MAM)., launches Vertelo, a platform driving fleet electrification in India, offering fleet solutions from leasing to end-of-life management and inject $1.5 Bn (around INR 12,500 Cr) into India’s electric vehicle space over 10 years.
Aligning with India's EV targets, it strives for 40% electric buses and 70% electric commercial cars by 2030, supporting the government's vision for sustainable mobility. Vertelo secures investment of $200M from Green Climate Fund.
For a flying start, leasing 44 electric buses to Chalo Mobility for Mumbai operations. Agreements with OEMs like JBM, Eka Mobility, and Tata Motors set to procure up to 2,000 electric buses and cars each, meeting growing customer demand.
Mr. Abhishek Poddar, India Country Head, Macquarie Group, said “The transition to electric vehicles will bring significant benefits to India – increasing its energy independence and mitigating the impacts of climate change. Vertelo aims to play a key role in accelerating this transition by making it easy for its customers to realise the benefits of going electric immediately.”
Mr. Henry Gonzalez, Green Climate Fund Deputy Executive Director, said "The platform launched today is a big moment for all involved. It has been designed to speed up the adoption of electric vehicles – buses and commercial fleets – by providing affordable leasing and financing solutions. This will help bring costs down, so electric vehicles can be truly competitive, and people can breathe cleaner, safer air across the country. This investment is the Green Climate Fund's first private-sector transport programme in the e-mobility sector, and we are excited to have provided $US200 million equity capital to support India's e-mobility transition."
The new business will be led by Sandeep Gambhir who previously led the automotive leasing, mobility, and nonbank financial businesses for ORIX India for 11 years.
Mr. Sandeep Gambhir, Chief Executive Officer, Vertelo, said “Vertelo aims to become a larger ecosystem player in the EV mobility landscape through its unique and comprehensive offering that covers the entire lifecycle of the underlying assets including upfront capital solution, charging infrastructure, maintenance and energy management, which helps it to partner with large OEMs, fleet operators, and other corporates, and accelerate fleet electrification in India.”
Mr. Mohit Dubey, Co-Founder and CEO, Chalo, said, “We are happy to partner with Vertelo and JBM to add these 44 Chalo buses in Mumbai, taking our fleet to 100 electric luxury AC buses. This is a significant step for Mumbai where Chalo and BEST have partnered to run a luxury bus service for daily commute. Congratulations to the Vertelo team on their launch. We look forward to a long-term sustainable partnership with them.”
Mr. Nishant Arya, Vice Chairman, JBM Group, said, “JBM is excited to announce its global strategic partnership with Vertelo to deploy up to 2,000 electric buses over next three to five years, beginning with a sizeable first deployment of 44 electric buses, marking a significant milestone in sustainable mobility. Together, we're shaping the future of zero emission electric public transportation with a commitment to innovation and excellence.”
About MAM
Macquarie is a financial services group operating in 34 markets in asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, specialist advisory, capital raising and principal investment.
About Vertelo
Vertelo is helping to redefine transportation for a more sustainable India. Our expertise spans the e-mobility ecosystem, and our fleet electrification solutions aim to help accelerate India’s low carbon transition.
About The Green Climate Fund
The Green Climate Fund (GCF) is the world’s largest dedicated climate fund. GCF’s mandate is to foster a paradigm shift towards low emission, climate-resilient development pathways in developing countries.
