Mumbai-based clean energy startup Aerem raises Rs 100 crore in funding

Aerem, a Mumbai-based clean energy startup focused on rooftop solar adoption, has raised Rs 100 crore (approximately $11.7 million) in a Series A funding round led by Japan’s University of Tokyo Edge Capital (UTEC).

The round also saw participation from British International Investment (BII), SE Ventures—Schneider Electric’s investment arm—Riverwalk Holdings, and returning backers Blume Ventures and Avaana Capital.

The fresh capital will support Aerem's expansion across India, particularly into underserved eastern and southern markets, while further strengthening its digital solar financing platform, B2B marketplace, and installer network.

The investment brings the startup's total funding to approximately Rs 166.47 crore ($19.5 million), including a $5 million infusion led by Avaana Capital in 2023.

“Aerem is at the forefront of India's rooftop solar revolution," said Kiran Mysore, Principal at UTEC. "We were impressed by Aerem's seamless integration of operational excellence in credit and marketplace dynamics, paired with a cutting-edge solar tech platform leveraging digital twins.”

Aerem's offerings

Founded in 2021 by Anand Jain and Vikesh Agarwal, The startup provides a unified platform that simplifies solar adoption for micro, small, and medium enterprises (MSMEs) and homeowners—segments often overlooked in the clean energy transition.

Its offerings span solar project financing through its NBFC arm NetZero Finance, curated equipment procurement via its SunStore marketplace, and a support system for over 2,000 verified solar installers.

As of April 2025, Aerem claims to have enabled over 800 megawatts of installed solar capacity and financed more than 800 projects in 65 cities across India.

"Getting a solar installation is complex for an Indian MSME or homeowner," said CEO Anand Jain. "Our end-to-end solution addresses the entire value chain, eliminating barriers to solar adoption.”

COO Vikesh Agarwal added, "We are building a true institution as Aapka Solar Saathi, partnering with businesses throughout their energy independence journey.”

Accelerating digital infrastructure and MSME outreach

The startup said it will deploy the Series A funding to deepen its tech stack and expand financing solutions tailored for MSMEs. Aerem also aims to reduce customer acquisition costs by leveraging its dense installer network and digital tools.

SE Ventures, which participated in the round, views Aerem's model as addressing a structural gap in India's solar ecosystem. "Aerem's full-stack platform addresses the core friction points for solar installers, driven by an exceptional team across finance, tech, and innovation," said Siddharth Mehta, Partner at SE Ventures.

Revenue surge and climate impact

For the fiscal year ending March 2024, Aerem reported revenues of Rs 175 crore, up sharply from Rs 1.84 crore in FY23. Losses remained nearly flat at Rs 3.57 crore, reflecting disciplined cost control even amid scale-up.

The startup estimates that its deployments have prevented nearly 22 million tonnes of CO₂ emissions—equivalent to planting 53 million trees—and could save Indian MSMEs up to Rs 14,000 crore in energy costs over the lifetime of installed systems.