The electric vehicle (EV) market in India is presently estimated at around $2 billion, with forecasts indicating a surge to $5 billion soon. Acknowledging the significant potential of this rapidly growing sector, Australian financial services giant Macquarie has introduced Vertelo, an innovative platform aimed at propelling the widespread adoption of EVs throughout India.
Abhishek Poddar, Group Head of India at Macquarie Group, outlined the ambitious goals of Vertelo, emphasizing its pivotal role in facilitating the transition of heavy transportation from conventional diesel to electric power. "Our objective is to provide comprehensive solutions that encompass financing, leasing, charging infrastructure, energy and battery management, as well as fleet maintenance services", stated Poddar.
The Vertelo platform consists of two primary components: one focusing on non-credit solutions like operational leases and services, while the other is designed to deliver credit solutions, pending approval from the Reserve Bank of India for a non-banking financial company (NBFC) license. Upon securing the NBFC license, this entity intends to offer credit solutions alongside additional services such as charging infrastructure and fleet management.
With a dedicated investment of $1.5 billion planned for the upcoming decade, Vertelo's objective is not just to promote the uptake of EVs but also to notably decrease greenhouse gas emissions. It has already established strategic alliances with leading players in the industry such as Tata Motors, BEST, JBM Group, and Eka Mobility.
Poddar also revealed Vertelo's first significant deal, which entails 444 electric buses in partnership with Chalo Mobility, a well-known travel aggregator and bus operator in Mumbai. These buses are set to make a significant contribution to the city's efforts to reduce carbon emissions. Furthermore, agreements have been finalized with Tata Motors for the purchase of 2,000 cars over a span of three years, along with procurement arrangements for 2,000 buses from both Eka Mobility and JBM Auto.
Macquarie's venture into the EV solutions sector is characterized by its holistic strategy, which includes offering credit, operational assistance, and infrastructure enhancement. Nevertheless, this endeavor unfolds against the backdrop of subdued worldwide demand for EVs, underscoring the complexities and possibilities within the ever-changing automotive realm.