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Macquarie floats India-focussed fund to back commercial electric mobility

VCCircle

VCCircle · 1y ago

Macquarie floats India-focussed fund to back commercial electric mobility

Macquarie Group has launched an EV financing platform for India called Vertelo, which will focus on electrifying fleets of commercial vehicles. The platform will offer financing, fleet management and charging infrastructure solutions. Macquarie will invest $1.5bn in the platform, with 95% of the investment going towards EV fleet electrification and the remaining 5% being allocated to charging infrastructure and other requirements. The platform has already secured equity investments of $405m and will deploy the funds over the next 10 years.

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Macquarie Capital picks up minority stake in EV infra maker ChargeZone

VCCircle

VCCircle · 1y ago

Macquarie Capital picks up minority stake in EV infra maker ChargeZone

Macquarie Capital, the investment arm of Macquarie Group, has acquired a minority stake in ChargeZone, an electric mobility solutions company in India. The investment will support ChargeZone's development of its cloud-enabled EV charging network and drive the company's growth. ChargeZone specializes in building charging networks for electric buses, trucks, and cars and aims to reach one million charging points by 2030. Macquarie Capital continues to seek investment opportunities in the digital infrastructure and energy transition sectors in India and across Asia.

MG Motor India signs pact with Vertelo to deliver 3,000 EVs

Money Control

Money Control · 1y ago

MG Motor India signs pact with Vertelo to deliver 3,000 EVs

MG Motor India has signed a memorandum of understanding with integrated fleet electrification platform Vertelo to deliver 3,000 electric vehicles (EVs) in a phased manner. The partnership aims to provide sustainable mobility solutions and establish a robust EV charging infrastructure in India. Vertelo, a fleet electrification platform backed by Macquarie Asset Management and the Green Climate Fund, plans to purchase around 3,000 electric cars from MG Motor India to accelerate fleet electrification and achieve net-zero emissions. MG Motor India's current EV lineup includes the Comet and ZS EV.

Murugappa Group’s EV Arm TI Clean Mobility To Raise INR 580 Cr To Build EV Tractors

Inc42 · 1y ago

Murugappa Group’s EV Arm TI Clean Mobility To Raise INR 580 Cr To Build EV Tractors

TI Clean Mobility, the electric vehicle (EV) arm of Indian conglomerate Murugappa Group, has signed an agreement to raise ₹580 crore ($69.4 million) in a mix of equity and compulsorily convertible preference shares. The funds will be provided by private equity firm GEF Capital and used to scale up TI Clean Mobility's EV offerings and provide cleaner commercial mobility solutions. TI Clean Mobility focuses on manufacturing small and heavy commercial electric vehicles and plans to expand operations across India. The Indian EV market is projected to reach $110.74 billion by 2029.

Macquarie cheques into EV finance in India with $400 mn

Livemint

Livemint · 1y ago

Macquarie cheques into EV finance in India with $400 mn

Australia's Macquarie is planning to enter the Indian credit space by launching a non-banking financial company (NBFC) focused on electric vehicles (EVs). The NBFC aims to address the lack of credit availability for commercial fleet operators in India's EV sector. Macquarie is preparing to apply for a license with the Reserve Bank of India and has set aside $400m for its EV platform, which will provide fleet leasing, battery services, and heavy transportation. The company is targeting a book size of $1.2-2bn for the NBFC over the next seven to eight years.

Macquarie To Fuel India’s EV Fleet Electrification With $1.5 Bn Investment

Inc42 · 1y ago

Macquarie To Fuel India’s EV Fleet Electrification With $1.5 Bn Investment

Australia's Macquarie Asset Management is set to invest $1.5 billion in India's electric vehicle (EV) space through its new platform, Vertelo. Vertelo aims to provide end-to-end solutions for fleet electrification, including leasing and financing, charging infrastructure, fleet management services, and more. The platform has already secured an anchor investment of up to $200 million from the Green Climate Fund. Over the next 10 years, Vertelo aims to reduce greenhouse gas emissions by 9.5 metric tonnes of carbon dioxide-equivalent and support India's target of achieving 40% electric buses and 70% electric commercial cars by 2030.

Japan’s Mitsui invests in electric commercial vehicle maker EKA Mobility

VCCircle

VCCircle · 1y ago

Japan’s Mitsui invests in electric commercial vehicle maker EKA Mobility

Japanese conglomerate Mitsui & Co. has partnered with Dutch electric bus maker VDL Groep to invest over $100 million in India's Pinnacle Mobility Solutions, the manufacturer of EKA Mobility electric commercial vehicles. Mitsui will make substantial financial investments to help expand EKA's manufacturing operations and diversify its product portfolio, with a focus on increasing exports to emerging markets. Additionally, VDL Bus & Coach will transfer technology to produce electric buses in India. The collaboration aims to make India a global hub for electric vehicle manufacturing.

Green Frontier Capital Floats INR 1,500 Cr Fund

Inc42 · 9m ago

Green Frontier Capital Floats INR 1,500 Cr Fund

Category II AIF fund is offering support to Indian investors who want to back climate-tech ventures aligned with the country's sustainable development goals. The fund aims to drive India's low-carbon transition by investing in transformative climate technologies. It specifically targets India-centric companies at various stages, from seed to Series A, with a focus on decarbonisation, digitisation, and disruptive technologies.

ZF Commercial Vehicle eyes a strong growth curve aided by new regulations and e-mobility

Thehindubusinessline

Thehindubusinessline · 1y ago

ZF Commercial Vehicle eyes a strong growth curve aided by new regulations and e-mobility

ZF Commercial Vehicle Control Systems India Ltd, a subsidiary of the German auto parts supplier ZF Group, expects sustained double-digit growth driven by new regulations and the adoption of electric mobility. The company recently inaugurated a new factory in Chennai, which will produce advanced technology products such as electric vehicle aggregates and electronic braking systems for the Indian and global markets. ZF India aims to tap into the growing automotive market, leverage the availability of skilled engineers for R&D operations, and serve overseas customers with India-manufactured products. Additionally, the shift to electric mobility is creating demand for safety-related components like electronic stability control systems and electric compressors. The company seeks to capitalize on opportunities in the commercial vehicle segment as well as the fast-growing SUV segment in India. In FY23, ZF Commercial Vehicle Control Systems recorded a revenue of ₹3,445 crore.

Oister Global floats $53-mn fund to make LP-style bets

VCCircle

VCCircle · 1y ago

Oister Global floats $53-mn fund to make LP-style bets

Investment firm Oister Global has launched a fund worth $52.7 million to invest in venture capital and private equity firms in India. The Oister India Pinnacle Fund will target early, growth, and late-stage VC and PE funds that support businesses in consumption-driven and emerging technology-led sectors. The fund plans to back five funds with investments ranging from $5.4 million to $16 million. Oister Global primarily invests in top funds and has previously backed companies such as Blume Ventures and Stride Ventures. The fund aims to make its first close in May.

Exclusive: Cleantech Startup Kazam To Raise $5 Mn From Vertex Ventures, Others

Inc42 · 1y ago

Exclusive: Cleantech Startup Kazam To Raise $5 Mn From Vertex Ventures, Others

Electric mobility startup Kazam has raised an undisclosed amount of funding in its latest round. The funding was led by Avaana Climate Fund, with participation from Avaana Capital and Chakra India Growth Fund. Kazam offers hardware and software solutions for electric mobility, including charging infrastructure and fleet management. This comes after the startup raised $3.6 million in funding in May 2021, also led by Avaana Climate Fund.

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