Vertelo has entered into a long-term lease agreement with Tata Motors, committing to purchase up to 2000 electric cars within the next three years. Additionally, Chalo Mobility will provide 44 electric buses produced by JBM, and EKa Mobility has agreed to acquire 2000 electric buses over the next 3 to 5 years.
Macquarie Group’s investment arm, Macquarie Asset Management, has recently inaugurated Vertelo, a comprehensive platform dedicated to the electrification of vehicle fleets across India. The launch accompanies an ambitious investment pledge of $1.5 billion earmarked for the next decade.
Abhishek Poddar, Macquarie Group’s India country head, discussed the strategic initiative’s advantages, emphasizing that the move toward electric vehicles (EVs) is expected to greatly improve India’s energy independence and diminish the impacts of climate change. He noted that Vertelo is poised to be a key player in this transformation by providing seamless solutions that allow customers to quickly benefit from electrification.
Furthering its commitment, Vertelo has formalized a multi-year leasing arrangement with Tata Motors to secure up to 2000 electric cars over the coming three years. The company has also collaborated with Chalo Mobility to acquire 44 electric buses from JBM and with Eka Mobility for an additional 2000 electric buses scheduled for delivery within the next 3 to 5 years.
Sandeep Gambhir, CEO of Vertelo, outlined the company’s expansive vision, explaining that as they operate globally across various funds, their aim in India is to become a leading provider of fleet electrification solutions. He emphasized their commitment to revolutionize the electric vehicle (EV) landscape in India by encouraging the widespread adoption of electric vehicles.
Gambhir further elaborated on the inspiration behind the company’s name, which merges the concepts of ‘convert’ and ‘velocity’ to signify a swift shift towards electric technology. He also noted that ‘Vert’, meaning green in French, underscores the company’s commitment to environmental sustainability, which was a critical factor in naming the venture.
Addressing potential challenges, Gambhir noted the recognition of hurdles such as high initial costs, risks of battery obsolescence, capital constraints, and a lack of sufficient charging infrastructure. He mentioned that Vertelo is equipped to handle these issues by offering practical solutions for operating electric fleets.
Vertelo is designed to offer a spectrum of services that includes comprehensive fleet management, advanced charging and energy solutions, tailored leasing and financing options, and sustainable end-of-life vehicle management.
