Aerem Secures Rs 100 Crore for Clean Energy Expansion

Mumbai’s clean energy startup Aerem has successfully acquired Rs 100 crore, equivalent to $11.7 million, in a recent funding round led by Japan’s UTEC. This funding round also saw participation from British International Investment (BII), SE Ventures, Riverwalk Holdings, along with existing supporters Blume Ventures and Avaana Capital.

With this investment, Aerem’s overall financing has now totalled around Rs 166.47 crore ($19.5 million). Earlier in 2023, Aerem had raised $5 million in a previous funding round spearheaded by climate-oriented investor Avaana Capital.

Funding Utilisation for Expansion

The new funds will primarily be directed towards the company’s growth across various regions of India, with a focus on the eastern and southern parts of the country. Additionally, it aims to enhance its digital platform, improve financing solutions, and further develop its solar marketplace.

Aerem’s Mission and Achievements

Founded in 2021 by Anand Jain and Vikesh Agarwal, Aerem provides users with a streamlined system to locate trustworthy solar installers, access financial support, and acquire high-quality equipment.

As of April 2025, Aerem has successfully facilitated the installation of over 800 MW of solar capacity and financed upwards of 800 projects. The company collaborates with a robust network of more than 2,000 installation partners to meet the growing demand for solar energy.

Financial Performance

For the fiscal year concluding in March 2024, Aerem reported a remarkable revenue of Rs 175 crore, a substantial increase from Rs 1.84 crore in FY23. Throughout the financial period, the company’s losses remained relatively stable at Rs 3.57 crore.

Competitive Landscape

Aerem competes either directly or indirectly with various companies in the clean energy sector such as Solarium, Zunroof, Loom Solar, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy.