Vertelo
Vertelo is a B2B fleet electrification platform offering integrated EV leasing, financing, charging infrastructure, and energy management to commercial fleet operators in India. Launched in 2024 by Macquarie Asset Management, it targets intercity bus operators and commercial transport fleets across India.
- Company typePrivate
- Founded2024
- HeadquartersMumbai, India
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Vertelo does
Vertelo is an integrated fleet electrification platform serving commercial fleet operators in India. The company was launched in April 2024 by Macquarie Asset Management under the legal entity Muon India Private Limited, headquartered in Mumbai. Vertelo offers a bundled set of services — asset-owning and operating-lease vehicle leasing, EV and fleet financing, charging infrastructure deployment, and energy management — that addresses the upfront cost, infrastructure, and operational complexity barriers commercial operators face in transitioning to electric vehicles. Its primary customer segment is commercial fleet operators, with an emerging focus on intercity bus operators on high-traffic corridors such as Mumbai-Pune.
The platform is built around a partnership-led OEM sourcing model, with MoUs signed with Tata Motors, Tata Passenger Electric Mobility, MG Motor India, SWITCH Mobility, JBM Auto, Eicher Volvo, and Eka Mobility for vehicle supply. Captive financial products are delivered through Vertelo Financial Services (operated by Muon India Leasing and Finance Private Limited), while charging infrastructure is layered on through a partnership with Statiq. End-customer deployments to date include an MoU with FlixBus India for up to 500 electric intercity buses across India and a partnership with Prasanna Purple Mobility Solutions for 25 SWITCH EiV12m intercity coaches on the Mumbai-Pune corridor. Go-to-market is direct enterprise B2B sales to fleet operators, supplemented by partner referrals from OEMs.
Vertelo's capital structure is unusually deep for an early-stage platform. Macquarie Asset Management has a stated $1.5 billion investment target over ten years. In August 2025, $405 million was closed — combining $200 million of concessional capital from the Green Climate Fund as anchor with $205 million from institutional investors — described as Macquarie's largest Asia EV investment and the first blended finance partnership between Macquarie and the Green Climate Fund in India's EV sector. Headcount is reported in the 11–50 range, consistent with a pre-scale deployment phase where capital is deployed into the asset book rather than headcount. Pricing is quote-based on multi-year operating leases and is not publicly disclosed.
Vertelo firmographics
Firmographics- Name
- Vertelo
- Legal name
- Muon India Private Limited
- Website
- https://vertelo.in
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Vertelo is a B2B fleet electrification platform offering integrated EV leasing, financing, charging infrastructure, and energy management to commercial fleet operators in India. Launched in 2024 by Macquarie Asset Management, it targets intercity bus operators and commercial transport fleets across India.
- Ownership category
- akta.pro rank
Vertelo industry classification
Industry- Product category
- Fleet Electrification Services
- NAICS
- Automotive Equipment Rental and Leasing (5321), Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing (53212)
- SIC
- Services-Auto Rental & Leasing (No Drivers) (7510)
- akta.pro primary industry
- EV Fleet Management & Charging Solutions (THADAKAJ)
- akta.pro secondary industries
- Fleet Management Services (Lifecycle, Compliance, Safety, Driver Programs) (TLABAHAJ), EV Fleet Leasing & Fleet Management (EV-Focused) (THADANAI)
Keywords
Where Vertelo is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Vertelo business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Vehicle Leasing: Asset-owning and operating-lease models that eliminate upfront vehicle costs for fleet operators, providing electric vehicles on lease terms
- EV Financing Services: Financial services platform (Vertelo Financial Services) providing EV financing, fleet financing and electric mobility financing solutions through Muon India Leasing and Finance Private Limited
- Charging Infrastructure Services: Deployment and management of charging infrastructure for fleet electrification, with partnerships for enhanced charging solutions
- Energy Management: Energy management solutions as part of integrated fleet electrification services
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Vertelo product offering
Product offeringCore offering
Vertelo provides integrated EV fleet electrification solutions to commercial fleet operators in India, combining asset-owning and operating-lease vehicle leasing, deployment and management of charging infrastructure, energy management services, and dedicated EV and fleet financing through its Vertelo Financial Services sub-brand. The platform serves as a one-stop e-mobility ecosystem enabling fleet operators to transition from internal combustion engine vehicles to electric fleets without upfront capital outlays.
Product overview
Vertelo operates as a unified fleet electrification platform offering integrated EV solutions through its core platform and a subsidiary financial services brand. The platform combines vehicle leasing, fleet financing, charging infrastructure, and energy management services, while Vertelo Financial Services provides the underlying financing products. The platform leverages partnerships with major Indian EV manufacturers including Tata Motors, Eicher Volvo, MG Motors, JBM Auto, Switch Mobility, and Eka Mobility to deliver comprehensive fleet electrification.
Differentiator
Problem solved
Functional benefit
Brands
- Vertelo Financial Services: Financial services platform for EV financing, EV leasing, fleet financing and electric mobility financing solutions operated by Muon India Leasing and Finance Private Limited.
Products and services
- Vertelo Fleet Electrification Platform Integrated EV fleet solutions platform providing vehicle leasing, charging infrastructure deployment, and energy management services for commercial fleet operators in India.
- Vertelo Financial Services Financial services platform under Muon India Leasing and Finance Private Limited offering EV financing, EV leasing, fleet financing, and electric mobility financing solutions for fleet operators and EV adopters in India.
Quantifiable outcome
- India's EV market projected to grow at nearly 27% annually, reaching $59 billion in annual sales by 2035
- +1 more outcomes
Companies that use Vertelo
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Vertelo technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Vertelo partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered flagship, core and minor.
- SWITCH MobilityflagshipStrategic partnership with SWITCH Mobility for deployment of electric intercity coaches on Mumbai-Pune route, with Vertelo executing the deployment of EiV12mt intercity electric coaches.
- FlixBus IndiaflagshipFlixBus tied up with Vertelo to launch 500 electric intercity buses across India, representing a major deployment partnership.
- StatiqcoreStatiq partnered with Vertelo to offer enhanced charging infrastructure solutions for fleet electrification.
- SWITCH MobilitycoreSWITCH Mobility signed MoU with Vertelo for 1,000 EVs deployment as part of fleet electrification solutions.
- JK TyreminorJK Tyre partnered with Vertelo to provide EV fleet solution combining tyre expertise with fleet electrification services.
- JBM AutocorePartner manufacturer in Vertelo's ecosystem for electric vehicle sourcing.
- MG Motor IndiacoreMG Motor India signed pact with Vertelo to deliver 3,000 EVs as part of fleet electrification partnership.
- Tata MotorsflagshipTata Motors and Vertelo signed MoU to offer attractive leasing solutions for electric commercial vehicles.
- Tata Passenger Electric MobilitycoreTata Passenger Electric Mobility signed MOU with Vertelo to accelerate e-mobility in India.
- Eka MobilitycorePartner manufacturer in Vertelo's ecosystem for electric vehicle sourcing as part of fleet electrification platform.
- Eicher VolvocorePartner manufacturer in Vertelo's ecosystem for electric commercial vehicle sourcing.
Scale indicators5 records
Recent moves7 records
Expansion highlights5 records
Vertelo competitors and assessment
Company assessmentEmerging players
- ChargeZone: ChargeZone is an Indian EV charging infrastructure operator with a growing fast-charging network. It overlaps with Vertelo's charging infrastructure services for fleet customers and is referenced as a peer investment alongside Vertelo within Macquarie's EV portfolio.
- SUN Mobility: SUN Mobility operates a battery-swapping and EV energy infrastructure network in India, partnering with fleet operators for electric mobility adoption. It overlaps with Vertelo's charging infrastructure and energy management offerings for commercial fleet customers.
- PMI Electro Mobility: PMI Electro Mobility operates electric intercity bus services and fleet operations in India. It overlaps with Vertelo in serving intercity bus operators pursuing fleet electrification, though PMI operates its own fleet rather than leasing assets to third parties.
- Statiq: Statiq is one of India's largest EV charging networks, partnering with Vertelo to deliver enhanced charging infrastructure for fleet operators. It is comparable as a charging infrastructure enabler adjacent to Vertelo's integrated fleet electrification platform.
Broad incumbents
- Ayvens: Ayvens (formed via the merger of ALD Automotive and LeasePlan) is one of the world's largest fleet leasing and mobility players with growing operations in India. As a broad incumbent it competes with Vertelo across fleet leasing, though its offering spans ICE and EV, not exclusively EV fleet electrification.
- LeasePlan India: LeasePlan (now part of Ayvens) is a global fleet leasing and management major with an India presence, offering multi-brand vehicle leasing and fleet management services. It competes broadly with Vertelo in the B2B fleet leasing space, though its portfolio is not exclusively EV-focused.
Direct peers
- OTO Capital: OTO Capital provides EV financing and leasing solutions in India, primarily for two- and three-wheeler commercial fleets. It competes with Vertelo Financial Services in providing lease/financing products that enable commercial EV adoption in India.
- RevFin: RevFin is an Indian digital lending NBFC focused on EV financing and leasing for commercial fleet operators, including two- and three-wheelers and small commercial vehicles. It overlaps with Vertelo Financial Services' offering of EV and fleet financing solutions to commercial operators in India.
- Lithium Urban Technologies: Lithium Urban Technologies is an India-based corporate EV fleet operator providing electric vehicle-as-a-service to enterprises. It shares Vertelo's B2B commercial fleet focus and integrated mobility offering, though via an operator-led rather than leasing-led model.
- Bluwheelz: Bluwheelz is an India-based EV fleet leasing and mobility platform providing electric vehicles on subscription/lease to enterprise customers. It directly competes with Vertelo in the same B2B EV fleet leasing category, targeting commercial operators with similar operating-lease structures.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Vertelo social profiles
Digital presenceVertelo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vertelo leadership team
Management profileNumber of profiles
Vertelo funding detail
Funding detailFunding overview
Funding rounds1 record
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vertelo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vertelo
What does Vertelo do?
Vertelo provides integrated EV fleet electrification solutions to commercial fleet operators in India, combining asset-owning and operating-lease vehicle leasing, deployment and management of charging infrastructure, energy management services, and dedicated EV and fleet financing through its Vertelo Financial Services sub-brand. The platform serves as a one-stop e-mobility ecosystem enabling fleet operators to transition from internal combustion engine vehicles to electric fleets without upfront capital outlays.
Is Vertelo a public or private company?
Vertelo is a private company. It is classified as private equity controlled and is currently operating.
When was Vertelo founded?
Vertelo was founded in 2024. It employs 11 to 50 people.
Where is Vertelo based?
Vertelo is headquartered in Mumbai, India, in the Asia region.
How does Vertelo make money?
Four revenue lines are on record. Vehicle Leasing is the primary driver. The others are EV Financing Services, charging Infrastructure Services and energy Management.
Who are Vertelo's main competitors?
Emerging players on record are ChargeZone, SUN Mobility, PMI Electro Mobility and Statiq. Broad incumbents are Ayvens and LeasePlan India. Direct peers are OTO Capital, RevFin, Lithium Urban Technologies and Bluwheelz.
Does Vertelo have an API?
No public API is recorded for Vertelo.
What industry is Vertelo in?
Vertelo's product category is Fleet Electrification Services. Its primary akta.pro industry code is THADAKAJ, EV Fleet Management & Charging Solutions, with a secondary code of TLABAHAJ, Fleet Management Services (Lifecycle, Compliance, Safety, Driver Programs). Its NAICS code is 5321 and its SIC code is 7510.