Solartech platform Aerem raises $5M in pre-Series A round led by Avaana Capital
The round also saw follow-on participation from Blume Ventures and debt financing of $1.5 million from financial institutions.
Thursday March 16, 2023,
2 min Read
Solartech platformhas raised a funding of $5 million (Rs 41 crore) in a pre-Series A round led by climatetech investor Avaana Capital. The round also saw the follow-on participation from Blume Ventures and debt financing of $1.5 million from financial institutions.
Mumbai-based Aerem said it will use the funds to expand its suite of 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.
“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 capitalise on this trend and help accelerate the transition to a more sustainable future," said Anand Jain, Founder and CEO, Aerem.
Founded in 2021, Aerem's platform helps MSMEs harness the power of solar energy and reduce their electricity costs by up to 70%. Aerem leverages its network of installers to facilitate the implementation of rooftop solar systems. It also offers loans through its in-house non-banking financial company and partner banks.
“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," said Anjali Bansal, Founding Partner, Avaana Capital. "We’re excited to work with Anand and the rest of the Aerem team and support them on this journey."
Edited by Swetha Kannan