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Aerem Secures ₹100 Crore in Series A Funding
Mumbai-based solar financing startup Aerem has raised ₹100 crore in a Series A funding round. The round was led by Japan’s University of Tokyo Edge Capital Partners (UTEC) and included investments from British International Investment (BII), SE Ventures, Riverwalk Holdings, and existing investors Blume Ventures and Avaana Capital.
Strategic Use of Funds
Aerem will use the funds to expand its operations across India, focusing on underserved eastern and southern regions. It aims to enhance its solar financing solutions, improve its B2B marketplace for solar equipment, and refine its tech platform. Additionally, the company plans to broaden its lending portfolio and reduce customer acquisition costs by leveraging its network of over 2,000 verified solar installers.
Aerem’s Impact
Founded in 2021 by Anand Jain and Vikesh Agarwal, Aerem provides comprehensive solutions for distributed solar energy adoption. Its services include:
- Solar Financing: Loans for businesses and homeowners through its NBFC arm, NetZero Finance.
- Equipment Procurement: The SunStore marketplace offers competitively priced solar equipment.
- Support for Installers: Benefits for over 2,000 verified installation partners include financing access, quality equipment, and digital tools.
Aerem has enabled over 800 megawatts of solar capacity across 65 Indian cities, financing more than 800 projects. Its deployments have prevented nearly 22 million tonnes of CO₂ emissions and could save MSMEs up to ₹14,000 crore in energy costs.
Revenue Growth
Aerem reported significant revenue growth in FY24, with a 9X increase to ₹175 crore from ₹1.84 crore in FY23. This growth highlights the scalability of its business model.
Future Plans
With this funding, Aerem is poised to accelerate India’s transition to sustainable energy by eliminating barriers to solar adoption and empowering local businesses.
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