Aerem, a clean energy startup headquartered in Mumbai, has amassed Rs 100 crore ($11.7 million) in funding led by Japan’s University of Tokyo Edge Capital Partners (UTEC).
The round also saw the participation of British International Investment (BII), SE Ventures, Riverwalk Holdings, and existing investors Blume Ventures and Avaana Capital.
With this, Aerem’s total funding has touched about Rs 166.47 crore ($19.5 million).
The funding will help the startup established in 2021 expand its operations across the country, strengthen its digital platform, besides ramping up its financing options and solar marketplace.
Aerem last raised $5 million in 2023 in a round led by Avaana Capital, a climate-focused investor.
The startup, which claims to have financed more than 800 projects, enables users to find reliable solar installers, get access to financing, and ensure quality equipment. Its competitors include the likes of Solarium, Zunroof, Loom Solar, SolarSquare, and Cleantech, among others.
Aerem has helped install over 800 MW of solar capacity so far. Its revenue stood at Rs 175 crore for the fiscal year ended March 2024, as against Rs 1.84 crore in FY2023.
