Aerem, a startup centered on photo voltaic challenge financing, has raised Rs 100 crore (roughly $12 million) in a Sequence A funding spherical led by Japan’s College of Tokyo Edge Capital Companions.
The spherical additionally noticed participation from British Worldwide Funding, SE Ventures, Riverwalk Holdings, and present buyers Blume Ventures and Avaana Capital. Moreover, Aerem secured debt funding from monetary establishments similar to IDFC, AU Small Finance Financial institution, Axis Financial institution, Northern Arc, MAS Financials, and Vivriti Capital.
The corporate plans to make use of the recent capital to strengthen its presence in present markets, increase its lending choices, and improve its know-how infrastructure for its photo voltaic market.
Based in 2021 by Anand Jain and Vikesh Agrawal, Mumbai-based Aerem affords loans for photo voltaic panel installations to each companies and owners. By means of its NBFC arm, NetZero Finance, the startup additionally gives provide chain financing to photo voltaic tools and EPC (engineering, procurement, and building) firms. Aerem operates a B2B platform referred to as SunStore, which helps clients entry photo voltaic tools at aggressive costs.
This newest funding spherical follows a $5 million Pre-Sequence A funding led by Avaana Capital practically two years in the past.
Based on filings with the Registrar of Firms (RoC), Aerem’s consolidated working income surged 9X to Rs 175 crore in FY24 from Rs 1.84 crore the earlier yr. Its internet revenue additionally rose by 26% to Rs 3.57 crore, up from Rs 2.82 crore in FY23.
India’s photo voltaic sector has been gaining momentum thanks to varied government-backed initiatives just like the Photo voltaic Park Scheme, Grid Linked Photo voltaic Rooftop Scheme, and Bundling Scheme. As of 2023, India ranked fifth globally by way of photo voltaic capability, with 70.10 GW put in.
The photo voltaic power market in India is projected to develop to $50.4 billion by 2031, increasing at a CAGR of twenty-two%. Nonetheless, regardless of this progress and powerful coverage assist, investor sentiment within the Indian cleantech area has been cautious. Complete investments within the sector dipped by practically 4% to $829 million in 2024, in comparison with $861 million in 2023. Over the past two years, total funding in cleantech has dropped practically 25% from its $1.1 billion peak.
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