changeadminMumbai-based solar energy startup Aerem has raised Rs 100 crore (approximately $11.7 million) in a Series A funding round led by Japan’s University of Tokyo Edge Capital (UTEC).
Founded in 2021 by Anand Jain and Vikesh Agarwal, Aerem focuses on enabling rooftop for commercial and residential owners.
The round also saw participation from British International Investment (BII) and existing investors SE Ventures, Riverwalk Holdings, Blume Ventures and Avaana Capital.
Aerem has a B2B procurement platform for solar equipment in India, through which it sells solar modules, batteries and inverters.
The company subsidiary, NetZero Finance, is an RBI-licensed Non-Banking Financial Company (NBFC) specialising in financing solar projects and offering collateral-free loans, quick turnaround, and competitive lending rates.
The proliferation of rooftop solar in India has been gaining momentum in the last few years, thanks to a combination of government policies, falling costs of solar panels, and increasing awareness about renewable energy.
The Indian government has been promoting solar energy through various schemes such as PM Surya Ghar: Muft Bijli Yojana (PMSGMBY), touted as the world’s largest domestic rooftop solar initiative. The scheme aims to generate electricity through rooftop solar systems in 10 million residential households by March 2027, of which 1 million installations are completed.
Further, solar power provides a cleaner, more sustainable alternative and offers multiple benefits to environmentally conscious individuals and businesses.
The company had raised $5 million in a Pre-Series A round led by climate-tech investor Avaana Capital two years back. The fresh capital will support Aerem’s expansion across India and also strengthen its digital platform, B2B marketplace, and network.
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