Macquarie launches Vertelo to accelerate EV adoption in India

Macquarie, a leading financial services firm, has launched Vertelo, a new platform aimed at boosting the adoption of electric vehicles (EVs) in India. With the EV market valued at $2 billion and projected to reach $5 billion soon, Vertelo aims to accelerate this growth by offering a range of services including financing, leasing, charging infrastructure, and fleet maintenance.

Abhishek Poddar, the Group Head of India at Macquarie, highlighted Vertelo’s goal of transitioning heavy transportation to electric power. The platform consists of two entities: one focusing on non-credit solutions like leases and services, and the other awaiting approval for credit solutions from the Reserve Bank of India.

With a $1.5 billion investment commitment over the next decade, Vertelo aims to not only promote EV adoption but also reduce greenhouse gas emissions. Strategic partnerships have been formed with major industry players such as Tata Motors, BEST, JBM Group, and Eka Mobility.

Vertelo’s first major transaction involves supplying 444 electric buses to Chalo Mobility in Mumbai, supporting the city’s decarbonization efforts. Additionally, agreements have been made with Tata Motors, Eka Mobility, and JBM Auto for the acquisition of thousands of EVs.

While Macquarie’s entry into the EV sector is comprehensive, it faces challenges amidst global EV demand uncertainties.