Australia’s diversified financial group Macquarie  has launched its electric vehicle (EV) financing and end-to-end solutions platform Vertelo in India. The platform will invest $1.5 billion in electrifying fleets of buses and cars, about 95 per cent of this investment will go into electrifying commercial vehicles. The platform will offer financing, fleet management, and charging infrastructure solutions. . The remaining 5 per cent of investment will go towards charging infrastructure and other requirements.

Vertelo will buy up to 2,000 electric cars from Indian EV market leader Tata Motors over the next three years, and up to 2,000 buses each from electric bus makers JBM Auto and Eka Mobility over the next three-to-five years, Macquarie said in a statement.

Macquarie in December picked up a minority stake in Indian fast-charging infrastructure provider Charge Zone.