Avaana Capital, Blume Ventures, and other investors contributed to the $5 million pre-series A round raised by the Indian solar technology and finance platform Aerem. Included in the sum is loan financing of US $1.5 million.
The Mumbai-based company’s most recent $2 million infusion came in July 2022.
Aerem, a company founded in 2021 by former Lehman Brothers investment banker Anand Jain, seeks to increase the use of solar energy by offering financing options for solar rooftop installations. Customers can get loans through the company’s digital platform from its network of partner banks and non-bank financial institutions.
By offering clients early technical and financial support, the business hopes to lessen the strain of establishing solar power installations. Aerem claims to assist micro, small, and medium-sized businesses in up to 70% energy expense reduction.
The company will utilize the additional money to expand its network of financial institutions and enterprises, such as engineering, procurement, and construction (EPC) firms.
By 2027, India is predicted to have the largest population in the world, and its energy needs are anticipated to significantly rise. The local solar energy industry is also anticipated to expand by US $240.42 billion by 2026, with a CAGR of 35.24%.
