In a bold move that signals the growing momentum of India’s electric vehicle revolution, Macquarie Asset Management (MAM) has secures $405 million for Vertelo, its fleet electrification platform This isn’t just another funding headline—it’s a power move, one of the boldest pushes for commercial EV adoption Asia has seen so far. The breakdown itself tells a story: $205 million flowing in from institutional backers, balanced by another $200 million in concessional capital courtesy of the Green Climate Fund (GCF). That mix is fascinating because it blends hard-nosed investor money with climate-first financing, a rare partnership where financial muscle meets environmental urgency.
Vertelo doesn’t fit the mold of your average EV startup. Instead of nibbling around the edges, it goes straight for the core problem: fleet electrification at scale. Leasing options, financing packages, charging stations, and fleet management all sit under one roof. And with heavyweight allies—Tata Motors, MG Motors, JBM Auto, and Eka Mobility—it’s building an ecosystem, not just a company. Armed with these partnerships, Vertelo is gearing up to expand both its fleet and its charging backbone, tying directly into India’s audacious goal of rolling out 1.32 million charging stations by 2030. Considering the EV market here is barreling toward a projected $113.99 billion by 2029, Vertelo isn’t just part of the race—it’s shaping the track.
This milestone cements Vertelo as more than a player; it’s becoming an anchor in India’s sustainable transport movement. By giving fleet operators a way to cut costs, run more efficiently, and move confidently toward zero-emission vehicles, Vertelo is turning lofty climate ambitions into real-world momentum.
1. Understanding Vertelo: India’s EV Fleet Platform
1.1 What is Vertelo?
Since its launch in April 2024, Vertelo has disrupted conventional thinking about fleet electrification. It’s not merely a leasing platform—it’s a holistic solution for commercial operators transitioning to EVs. Vertelo’s toolkit includes:
Vehicle Leasing & Financing: Instead of forcing operators to swallow the steep upfront cost of an EV, Vertelo steps in with flexible leasing models and smart financing. It’s not just a payment plan—it’s a way to make electric buses and trucks actually affordable for the companies that need them most.
EV Charging Infrastructure: Forget the constant dread of running out of charge mid-route. Vertelo is building a web of strategically placed charging hubs, designed to keep fleets moving without that nagging “what if” at the back of every driver’s mind.
Fleet Management Services: This isn’t about generic tracking dashboards—it’s about squeezing the most out of every route, cutting wasted miles, and predicting downtime before it actually happens. Vertelo’s analytics and telematics turn fleets into precision machines.
End-of-Life Vehicle Management: EVs eventually wear out, but dumping them in a scrapyard kills the whole idea of sustainability. Vertelo closes that loop by recycling and recovering assets responsibly, proving that “green” isn’t just a sales pitch—it’s built into the business.
Vertelo’s entire playbook zeroes in on buses, trucks, and commercial fleets—the toughest segments to electrify. By tackling the hardest adoption problems head-on, it positions itself where the impact is biggest and the competition is still scrambling.
Vertelo is deliberately designed for buses, trucks, and commercial fleets, focusing on areas where adoption barriers are highest.
1.2 Revenue Model
Vertelo doesn’t just sell a service; it constructs multiple revenue streams around the lifecycle of commercial EVs:
- Leasing and subscription fees.
- Interest on financing programs.
- Fleet management and maintenance service charges.
- Usage fees from proprietary charging stations.
This model allows Vertelo to remain financially sustainable while actively promoting EV adoption.
1.3 Leadership and Founders
At the helm is Sandeep Gambhir, CEO of Vertelo, with the backing of MAM’s Green Investment team. Gambhir’s vision is clear: combine deep local market insight with global investment expertise to create a scalable, robust EV ecosystem. His leadership has driven key OEM partnerships and operational frameworks critical for large-scale fleet electrification.
1.4 Services and Solutions
Vertelo solves practical, day-to-day challenges for fleet operators:
- Customized Leasing Plans: Tailored for fleet size and financial capabilities.
- Integrated Charging Solutions: Ensures smooth operations with minimal downtime.
- Data-Driven Fleet Management: Optimizes routes, monitors performance, and reduces operational costs.
1.5 Problems Vertelo Solves
India’s EV adoption faces several bottlenecks, and Vertelo addresses them head-on:
- High upfront purchase costs for electric buses and trucks.
- Limited availability of charging infrastructure for commercial fleets.
- Operational inefficiencies and maintenance challenges that deter fleet operators.
2. India’s EV Market: Growth and Opportunities
2.1 Market Evolution
India’s EV landscape has transformed in just five years. In 2018-19, three-wheelers dominated at 83%, while two-wheelers lagged at 16.4%. Fast forward to 2024, and more than half of three-wheelers sold are electric, and commercial fleets are gradually moving toward buses and trucks. The shift is as much cultural as it is technical—India is finally taking EV adoption seriously.
2.2 Market Projections
The numbers are staggering. The Indian EV market is expected to leap from $3.21 billion in 2022 to $113.99 billion by 2029, reflecting a CAGR of 66.52%. These figures signal enormous opportunity for financing platforms, charging networks, and fleet solutions, putting Vertelo squarely in the sweet spot of market demand.
2.3 Government Initiatives
Policy support is no longer just lip service. Initiatives include:
- PM E-DRIVE Scheme: Rs. 2,000 crore ($233.8 million) to boost charging infrastructure.
- Automotive Sector Budget Increase: Rs. 4,000 crore ($468 million) allocated to EV infrastructure.
- 2030 Charging Station Target: 1.32 million stations nationwide.
These incentives align perfectly with Vertelo’s ambitions, reducing market friction and accelerating adoption.
3. Vertelo’s Strategic Partnerships
Vertelo has forged meaningful alliances to scale operations quickly:
- Tata Motors: Plans to supply up to 2,000 EVs over three years.
- JBM Auto & Eka Mobility: Up to 2,000 electric buses each across five years.
- Chalo Mobility: Supplying 44 JBM-manufactured electric buses.
These collaborations expand fleet options for operators while strengthening Vertelo’s commercial footprint.
4. Competitive Landscape
4.1 Direct Competitors
- BluSmart: Operates EV taxis in major cities.
- Lithium Urban Technologies: Corporate EV solutions.
- Uber India: Integrates EVs through fleet partnerships.
4.2 Indirect Competitors
- Traditional Leasing Firms: Still offer fossil-fuel vehicles.
- Public Transport Operators: Slow to electrify fleets.
4.3 Vertelo’s Edge
Vertelo separates itself from the pack through:
- Comprehensive End-to-End Solutions – covering acquisition, charging, and management.
- Robust Financial Backing – $405 million from MAM and GCF ensures long-term growth.
- Strategic OEM Partnerships – enabling faster and smoother fleet deployment.
5. Future Outlook
Vertelo isn’t just mapping out a neat corporate plan—it’s setting itself up for a real fight in India’s mobility shift.
- Increase Fleet Size: Demand for commercial EVs isn’t slowing down; in fact, it’s snowballing. Vertelo knows that staying ahead means putting more wheels on the road, fast.
- Expand Charging Infrastructure: A fleet is useless if it spends half the day hunting for plugs. Vertelo is betting big on building out reliable charging networks to keep vehicles moving and operators happy.
- Upgrade Technology: The buzzword here isn’t just “digital.” It’s about giving fleets sharper tools—analytics that cut through the noise, highlight inefficiencies, and ultimately save operators serious money.
If these moves click, Vertelo won’t just participate in India’s sustainable transport revolution—it could be steering the wheel.
6. Learning for Startups and Entrepreneurs
There’s a lot founders can crib from Vertelo’s playbook—if they’re paying attention.
- Spot Market Gaps: Electrification is messy and full of friction. That’s exactly where opportunities hide. Startups that can solve real pain points—financing, infrastructure, fleet costs—will always have takers.
- Build Partnerships: Forget the lone-wolf fantasy. OEMs, investors, even fleet operators—these aren’t optional allies, they’re survival partners.
- Secure Blended Funding: Pure VC money burns fast. By mixing institutional investment with concessional capital, Vertelo has found a way to scale without losing stability. It’s a model worth studying, especially in capital-heavy sectors like EVs.
Foundlanes
Foundlanes has carved a space for itself by digging into stories that actually matter—young startups hustling for relevance, funding tales that reshape industries, and tech shifts that no one can ignore. Vertelo’s journey isn’t just another corporate headline; it’s proof that when founders zero in on overlooked gaps, forge smart partnerships, and sync their vision with India’s policy push, real change happens. This isn’t theory—it’s how they’ve managed to pull global investors into India’s EV platform space and push the conversation on clean energy further. For any startup eyeing the EV market, fleet electrification, or sustainable transport, the lesson is blunt: think small at the start, build alliances that matter, and let policy tailwinds carry you to scale. The payoff isn’t only profit—it’s shaping the backbone of an industry that desperately needs reinvention.