Funding Alert

Aerem secures $5M in pre-Series A round led by Avaana Capital

• ByStartupStory     |    March 16, 2023

Aerem, a platform focused on solar technology, has secured $5 million (approximately Rs 41 crore) in a pre-Series A funding round. The funding was led by Avaana Capital, a climatetech investor, and included follow-on investment from Blume Ventures. Additionally, the round also included debt financing of $1.5 million from financial institutions.

Aerem, which is based in Mumbai, has announced that it intends to use the funding to broaden its range of solartech and financing solutions. The company also plans to create an ecosystem that brings together all relevant stakeholders, including financial institutions, engineering, procurement and construction (EPC) firms, and MSMEs, in order to provide end-to-end solutions for rooftop solar projects.

According to Anand Jain, the CEO and founder of Aerem, ‘India has established a goal of achieving approximately 300 GW of solar energy capacity by 2030, necessitating the use of both rooftop and utility-scale projects. Aerem’s innovative solutions are ideally positioned to take advantage of this trend and assist in speeding up the transition towards a more sustainable future”.

Aerem, established in 2021, has created a platform that enables small and medium-sized enterprises (MSMEs) to take advantage of solar energy and decrease their electricity expenses by as much as 70%. Aerem uses its team of professionals to assist with the installation of rooftop solar systems. Additionally, it provides loans through its internal non-banking financial firm and collaborates with other banks.

Anjali Bansal, Founding Partner at Avaana Capital, stated that “Aerem is constructing an innovative technology-based platform to expedite the acceptance of solar energy by MSMEs, giving them access to energy and independence, while also training MSME installers on the supply side. She expressed her enthusiasm for collaborating with Anand and the rest of the Aerem team to assist them on this endeavour”.

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