In a fresh investment round headed by UTEC of Japan, clean energy startup Aerem, based in Mumbai, has raised Rs. 100 crore, or $11.7 million. The round also includes new investors Blume Ventures and Avaana Capital, as well as British International Investment (BII), SE Ventures, and Riverwalk Holdings.
This fresh investment round brings Aerem's total funding to about Rs. 166.47 crore ($19.5 million). An earlier fundraising round led by climate-focused investor Avaana Capital in 2023 saw Aerem raise $5 million.
The money raised will be utilized to support the company's growth throughout India, particularly in the eastern and southern parts, as well as to improve its financing choices, digital platform, and solar marketplace.
Aerem, which was founded in 2021 by Anand Jain and Vikesh Agarwal, provides consumers with a streamlined approach for locating trustworthy solar providers, obtaining financing, and guaranteeing high-quality equipment.
As of April 2025, Aerem says it has sponsored more than 800 projects and assisted in the installation of more than 800 MW of solar capacity, collaborating with a network of more than 2,000 installation partners.
The company reported revenue of Rs. 175 crore for the fiscal year that ended in March 2024, compared to Rs. 1.84 crore for FY23. At Rs. 3.57 crore, its losses over that time were essentially unchanged.
Solarium, Zunroof, Loom Solar, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy are competitors of Aerem, either directly or indirectly.
Anand Jain, Founder and CEO, Aerem, said “Getting a solar installation is complex for an Indian MSME or homeowner. From finding the right installer to the right price, right quality, and right financing, there exists a massive trust deficit throughout the fragmented ecosystem. Conventional approaches treat financing, technical complexity, and supply chain barriers as separate challenges. We recognize these as interlocking parts of one ecosystem failure. Our end-to-end solution addresses the entire value chain, eliminating barriers to solar adoption.”
