Aerem Bags $15 Million to Power India's Solar Financing Growth

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AuthorKavya Nair|Published at:
Aerem Bags $15 Million to Power India's Solar Financing Growth
Overview

Solar financing startup Aerem has secured $15 million in pre-Series B funding, with Sumitomo Mitsui Banking Corporation's VC arm, SMBC Asia Rising Fund, leading the round. The capital infusion will bolster its engineering, procurement, and construction (EPC) and installer partner network, expand its pan-India reach, and accelerate solar adoption among micro, small, and medium enterprises (MSMEs) and households. Aerem integrates finance, EPC, equipment sourcing, and monitoring to streamline the solar installation process.

Funding Boost for Solar Infrastructure

Aerem Solutions, a prominent player in India's renewable energy financing sector, has successfully closed a pre-Series B funding round, securing $15 million (approximately INR 137 crore). The investment was spearheaded by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corporation, signaling strong confidence in Aerem's growth trajectory.

Strategic Use of Capital

The Mumbai-based startup intends to deploy these fresh funds to significantly strengthen its network of engineering, procurement, and construction (EPC) and installer partners across the country. A key objective is to expand its pan-India footprint, making solar financing more accessible to both MSMEs and domestic households. This expansion is critical for democratizing solar energy adoption.

Integrated Solar Ecosystem

Founded in 2021 by Anand Jain and Vikesh Agarwal, Aerem offers a comprehensive suite of services. Beyond direct financing for solar installations, its NBFC arm, NetZero Finance, provides crucial supply-chain financing. The startup also operates SunStore, a B2B marketplace for solar equipment, and Aerem Remote Operations Centre, a SaaS platform for monitoring installations. This integrated digital infrastructure aims to remove market fragmentation and foster trust.

Market Context and Future Outlook

Aerem operates within India's rapidly expanding solar energy market, which is projected to reach $34.7 billion by 2033. The company claims to have facilitated over 1,200 MW of solar capacity and financed more than 2,000 projects to date. CEO Anand Jain highlighted that the funding enables Aerem to equip its partners with the necessary tools for high-quality project execution at scale, addressing historical trust deficits in the sector. This follows a Series A round of INR 100 crore raised last year.

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