Solar energy startup Aerem glows with Rs 100 Cr Series A funding
Aerem will use the funding round for market expansion and product development activities.
Solar energy startup Aerem has raised Rs 100 crore in a Series A funding round led by UTEC (University of Tokyo Edge Capital Partners), a Japan-based venture firm.
The other participating investors in this round included British International Investment (BII), SE Ventures, Riverwalk Holdings, Blume Ventures, and Avaana Capital.
According to this startup, this funding will be used for its expansion activity across India and to enhance its solar financing and marketplace solutions. Additionally, it plans to invest in product development.
Aerem Founder and CEO Anand Jain said, “Getting a solar installation is complex for an Indian MSME or homeowner. From finding the right installer to the right price, right quality, and right financing, there exists a massive trust deficit throughout the fragmented ecosystem.”
“Our end-to-end solution addresses the entire value chain, eliminating barriers to solar adoption," he said.
Aerem enables the installation of solar projects through a partner network and also provides access to finance.
Founded in 2021, Aerem has created an ecosystem of over 2,000 installation partners with a presence in 65 cities. The startup said that it has enabled 800 MW of solar capacity and financed an equal number of projects.
Aerem claimed its solar installations are projected to save Rs 14,000 crore in energy costs for MSMEs over their lifetime.
UTEC Principal Kiran Mysore said, “Aerem is at the forefront of India's rooftop solar revolution, with a founding team that has played a pivotal role in the country's solar ecosystem evolution, from utility-scale solar adoption in 2010 to a decentralized rooftop solar boom in 2020.”
Edited by Kanishk Singh