Aerem, India’s leading SolarTech platform, today announced the funding of $5 million (INR 41 crores) in Pre-Series A round led by climate-tech investor Avaana Capital. The round also saw follow-on participation from Blume Ventures and it includes debt financing of $1.5 million from prominent financial institutions.
Mumbai-headquartered Aerem will utilize these funds to expand its suite of innovative solartech and financing solutions and build an ecosystem that brings together all the stakeholders — financial institutions; engineering, procurement and construction (EPC) companies; and businesses (MSMEs) — to enable end-to-end solutions for rooftop solar projects.
Aerem is a company founded in 2021 by Anand Jain, who has experience in investment banking on Wall Street and the solar and financial service industries. The company aims to help MSMEs (Micro, Small, and Medium Enterprises) reduce their electricity costs by up to 70% by assisting them in harnessing the power of solar energy. Aerem provides a comprehensive platform that includes the installation of high-quality rooftop solar systems through its network of installers and hassle-free loans through its in-house Non-Banking Financial Company (NBFC) and partner banks.
Aerem is committed to democratizing the adoption of rooftop solar and creating a greener, more sustainable future. The company emphasizes social, environmental, and financial outcomes, which it calls a Triple Bottomline impact. By prioritizing these outcomes, Aerem aims to create a positive impact on society, the environment, and the economy.
On the announcement, Founder & CEO, Anand Jain said “The solar industry in India has been growing rapidly in recent years, driven by increased awareness of the benefits of renewable energy. India has set a target of ~300 GW of solar energy capacity by 2030, requiring both rooftop and utility-scale to fire. Aerem’s innovative solutions are well-positioned to capitalize on this trend and help accelerate the transition to a more sustainable future. This funding is a testament to the strength of our SolarTech & Financing platform and the value it provides to our customers. We remain committed to our mission of making solar financing more accessible and affordable for all, and we look forward to the continued support of our investors and partners in achieving this goal.”
Anjali Bansal, Founding Partner, Avaana Capital said “Rooftop solar will play a crucial role in India’s green growth transition. There are several enabling factors including declining technology cost curves, significant location advantage with 300 days of sunshine in a year, and increasing policy support such as net metering to progress towards the 50% renewable energy capacity targets. Aerem is building a unique technology-enabled platform to accelerate the adoption by MSMEs and enable them with energy access and independence, as well as equip MSME installers on the supply side. We’re excited to work with Anand and the rest of the Aerem team, and support them on this journey.”