By CIO Insider Team
 

Blume Ventures-backed solartech startup Aerem has raised Rs 100 crore in a funding round led by Japan-based venture fund UTEC, as per reports.

The round also included contributions from British International Investment (BII), SE Ventures, and Riverwalk Holdings, in addition to current investors Blume Ventures and Avaana Capital.

The resources will be allocated for expanding operations throughout India, enhancing solar financing and marketplace solutions, fortifying the comprehensive platform, and diversifying the lending portfolio.

It presently functions in approximately 65 cities and intends to grow into eastern and southern India.

According to founder and CEO Anand Jain, “Acquiring a solar system is challenging for an Indian MSME or homeowner. There is a significant trust gap within the fractured ecosystem, covering everything from selecting the appropriate installer to ensuring the right price, quality, and financing."

Established in 2021 by Jain and Vikesh Agarwal, the Mumbai-based firm initially concentrated on financing assets for rooftop solar initiatives and later broadened its scope to encompass commerce and solar technology.
The company claims to have enabled the installation of over 800 MW of solar capacity throughout India, supported more than 800 projects, and built a network of over 2,000 installation partners.

“Our installation partners are the backbone of our ecosystem. Through our platform, we empower them with access to financing, quality equipment, and digital tools they would not otherwise have—creating a win-win model that scales solar adoption while supporting local businesses,” said Agarwal.

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Kiran Mysore, principal, UTEC says, “Aerem is at the forefront of India's rooftop solar revolution, with a founding team that has played a pivotal role in the country's solar ecosystem evolution, from utility-scale solar adoption in 2010 to a decentralized rooftop solar boom in 2020.”