Avaana Capital led the $5 million (about Rs 41 crore) pre-Series A investment round for Mumbai-based climate-tech company Aerem. According to a press statement, the round also included participation from the venture capital company Blume Ventures and debt funding of $1.5 million from banking institutions.
“The solar industry in India has been growing in recent years. India has set a target of 300 gigawatts (GW) of solar energy capacity by 2030, requiring both rooftop and utility-scale to fire. Aerem’s solutions are well-positioned to capitalize on this and aid the transition to a more sustainable future,” said Anand Jain, founder of Aerem.
Anjali Bansal, the founding partner of Avaana Capital, stated, “Aerem is building a unique technology-enabled platform to accelerate the adoption by MSMEs and enable them with energy access and independence, as well as equip MSME installers on the supply side.”
Aerem received $2.5 million in pre-Series A fundraising in 2022 under the direction of Blume Ventures. The business will use the new cash to increase the number of cutting-edge solar technology and financing options it offers.
2021 saw the founding of Aerem by Jain. The business assists micro, small, and medium-sized businesses (MSMEs) in reducing their electricity costs by up to 70% using solar energy. The company uses its network of installers to build rooftop solar systems.