Mumbai-based solar financing startup Aerem has raised 100 crore rupee (US$12 million) in a series A funding round, led by Japan’s University of Tokyo Edge Capital Partners.

Other participants included British International Investment, SE Ventures, Riverwalk Holdings, and existing investors Blume Ventures and Avaana Capital.

The company also secured debt from financial institutions like IDFC, AU Small Finance, and Axis Bank.

Founded in 2021 by Anand Jain and Vikesh Agrawal, Aerem provides loans for solar installations to businesses and homeowners.

Its Non-Banking Financial Company (NBFC) arm, NetZero Finance, offers supply chain financing to solar equipment and EPC companies.

The company plans to use the funds to expand its market presence, lending portfolio, and technology platforms for its B2B solar equipment marketplace, SunStore.

Aerem reported significant growth in FY24, with revenue jumping nearly ninefold to 175 crore rupee (US$20.52 million).

Recent Aerem developments