Aerem, a startup aiming to build the country's first asset finance and quality platform for solar energy, has raised US$2.5 million (approx. Rs 19.8 crore) in funding to grow its loan book, building the tech platform to enable end-to-end digital and seamless interaction with various stakeholders.
The startup will also focus on hiring teams, including leadership in technology, product, finance, and operations. Mumbai-based early-stage venture capital firm Blume Ventures led the round.
“Aerem is on a mission to democratize the adoption of rooftop solar and build a better, greener, and sustainable future," Anand Jain, Founder & CEO of Aerem.
"Our innovative SolarTech platform includes AAA (Aerem Asset Assurance) ensures quality rooftop solar systems, which combined with financing from our in-house NBFC or partner banks enable a significant reduction in power bills of MSMEs. We offer a fully digitalized, hassle-free, and seamless experience to MSMEs," Anand adds.
Anand Jain comes with a strong background in both financial services and solar. An MBA graduate from Yale University, he worked as an investment banker with Lehman Brothers in New York before returning to India in 2009 to pursue his passion for solar.
Aerem allows its clients to get access to loans from Aerem’s in-house non-bank financial companies and partner banks. The startup says it is tapping into a US$200 billion market in India and is targeting 20 million MSMEs in the country.
Speaking on the investment, Ashish Fafadia, Partner at Blume Ventures, said, “We are impressed with Anand’s vision and Aerem’s platform approach that includes credit. Their full-stack solution provides end to end engagement and is ahead of the market by 1-2 years. Solar is in a sweet spot where macro (top down) and micro (bottom up) factors are incredibly aligned. This is extremely rare for any sector. India has targeted 280 GW of solar capacity and 50 per cent of its energy requirement from clean energy by 2030.”
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.