Aerem Secures INR 100 Crores in Series A Funding to Boost Solar Adoption in India

Aerem has successfully secured INR 100 crores in Series A funding. The funds will accelerate the company’s mission to unlock India’s vast distributed solar potential, which remains underpenetrated at just 17 percent of the total capacity—well below the global average of over 50 percent.

The Series A funding round was led by UTEC, a Japan-based USD 700 million venture firm, with additional participation from British International Investment (BII), the UK’s development finance institution and impact investor; SE Ventures, a USD 1 billion+ climate and industrial tech fund backed by Schneider Electric; and Riverwalk Holdings, an early-stage venture fund focused on fintech innovation. Existing investors Blume Ventures and Avaana Capital also participated in the round. The equity investment is further complemented by debt capital from trusted financial institutions such as IDFC, AU Small Finance, Axis Bank, Northern Arc, MAS Financials, and Vivriti Capital.

Aerem’s Founder and CEO, Anand Jain, highlighted the challenges facing Indian MSMEs and homeowners in adopting solar, particularly the complexity of finding the right installer, pricing, quality, and financing. "This Series A funding empowers us to expand our footprint across India, deepen our presence in existing markets, and accelerate our technology roadmap," said Jain. "We are committed to creating powerful products, innovative financing solutions, and expanding our commerce offerings to ensure unmatched quality and variety."

Kiran Mysore, Principal at UTEC, praised Aerem’s role in India’s rooftop solar revolution. "Aerem has been pivotal in transforming India's solar ecosystem, from utility-scale solar adoption in 2010 to a decentralized rooftop solar boom in 2020. We are impressed by Aerem’s seamless integration of operational excellence and cutting-edge solar technology," said Mysore.

Aerem’s integrated approach addresses all friction points in the solar adoption journey, combining financing, technical solutions, and supply chain support. The company has pioneered the asset finance model for distributed solar through its RBI-licensed solar-focused NBFC. Additionally, Aerem's SunStore platform connects OEMs, distributors, and installation partners to provide high-quality components and streamlined fulfillment.

The company’s unified digital platform allows customers to engage end-to-end—from initial consideration to realized savings—ensuring a seamless solar adoption experience.

Vikesh Agarwal, Co-Founder and COO of Aerem, explained, "Our end-to-end solution addresses the entire value chain of solar adoption, eliminating barriers and ensuring a frictionless experience for all stakeholders."

SE Ventures Partner, Siddharth Mehta, also expressed confidence in Aerem’s future. "Aerem’s full-stack platform addresses key challenges for solar installers, driven by an exceptional team across finance, tech, and business model innovation. We’re excited to support their expansion with the help of Schneider Electric and its subsidiary, Luminous," he stated.

With a network of over 2,000 installation partners, Aerem has created an extensive nationwide distribution network, enabling scalable growth without incurring high customer acquisition costs. Jain emphasized the importance of their installation partners: "These solar entrepreneurs are vital to our ecosystem. Through our platform, we empower them with financing, quality equipment, and digital tools, creating a mutually beneficial model that supports local businesses and accelerates solar adoption across India."

Aerem’s vision is to become a trusted partner for businesses throughout their energy independence journey, establishing itself as 'Aapka Solar Saathi' in the process.