Thao Lam La · · 1 min readBlume Ventures leads $2.5m round of Indian solar energy firm
Aerem, an India-based solar panel financing provider, has raised US$2.5 million in a pre-series A round led by Blume Ventures.
Aerem founder and CEO Anand Jain / Photo credit: Aerem
Founded last year by Anand Jain, a former investment banker at Lehman Brothers, Aerem aims to boost solar power adoption by providing financing solutions for solar rooftop installations. The company offers a digital platform that allows clients to get access to loans from Aerem’s in-house non-bank financial companies and partner banks.
The startup said it is tapping into a US$200 billion market in India and is targeting 20 million MSMEs in the country.
Aerem plans to use the fresh funds to acquire new customers, improve its platform, and hire more people for its tech, product, finance, and operations departments.
As of 2022, India ranks fifth globally in solar power deployment with total installed capacity of 54 gigawatts, a 20x growth from 2.6 gigawatts in 2014. The achievement, however, still falls short of the government’s target of installing 30 gigawatts annually to achieve 300 gigawatts of solar capacity by 2030.
See also: How Singapore can be 100% powered by geothermal energy
Editing by Deepti Sri and Lorenzo Kyle Subido
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