Mumbai-based climatetech startup Aerem gets $5 million funding

Mumbai-based climatetech firm Aerem has received $5 million (around Rs 41 crore) in its pre-Series A round of funding led by Avaana Capital. Venture Capital firm Blume Ventures also participated in the round and it includes debt financing of $1.5 million from financial institutions, according to a press release.

“The solar industry in India has been growing in recent years. India has set a target of 300 gigawatts (GW) of solar energy capacity by 2030, requiring both rooftop and utility-scale to fire. Aerem's solutions are well-positioned to capitalize on this and aid the transition to a more sustainable future,” said Anand Jain, founder of Aerem.

“Aerem is building a unique technology-enabled platform to accelerate the adoption by MSMEs and enable them with energy access and independence, as well as equip MSME installers on the supply side,” said Anjali Bansal, founding partner, Avaana Capital.

In 2022, Aerem raised $2.5 million in its pre-Series A funding led by Blume Ventures. The company will use the fresh funding to expand its suite of innovative solartech and financing solutions.

“This funding is a testament to the strength of our solartech and financing platform and the value it provides to our customers. We remain committed to our mission of making solar financing more accessible and affordable for all, and we look forward to the continued support of our investors and partners in achieving this goal,” commented Jain.

Aerem was founded in 2021 by Jain. The company helps micro, small, and medium enterprises (MSMEs) in utilising solar energy to cut their electricity bills by up to 70%. The firm installs rooftop solar systems using its network of installers.

In January this year, Loom Solar, a solartech startup, also raised $2 million in funding from US-based Social Investment Managers and Advisors (SIMA). The company was started in 2018 and works in residential solar space.