Aerem is a green energy startup. The company has raised INR 100 crore (~USD 11.7 million) in its Series A round. The round was led by University of Tokyo Edge Capital (UTEC) with participation from British International Investment (BII), SE Ventures, Riverwalk Holdings and existing investors Blume Ventures and Avaana Capital.
Aerem was founded by Anand Jain and Vikesh Agarwal in 2021. The company offers end-to-end solutions for solar adoption, financing, equipment sourcing and supporting solar installers across the country. The company’s approach is to address the fragmented and often complex process of solar installations, which has been plagued by trust deficits, difficulty in finding reliable installers and inadequate financing options.
Business Model
Aerem offers financing for rooftop solar installations through its Non-Banking Financial Company (NBFC) arm, ‘NetZero Finance‘, and a B2B marketplace, ‘SunStore‘, where customers can buy solar equipment at competitive prices. This is supported by a network of over 2,000 installation partners, and the company has financed over 800 projects and installed over 800 MW of solar capacity across 65 cities in India.
The new capital will be used to expand Aerem’s footprint in the Indian subcontinent. The company will focus on the underserved eastern and southern regions which have a huge potential for solar installations. Aerem will also strengthen its tech stack to further enhance its digital tools, refine its financing solutions and simplify the user experience for homeowners and MSMEs (micro, small and medium enterprises) looking for solar energy solutions.
Indian Solar Market
India’s solar sector is growing at a rapid rate due to the Government’s supportive schemes such as: Solar Park Scheme, Grid Connected Solar Rooftop Scheme and the Bundling Scheme. The Indian solar market is the world’s fifth-largest market for solar deployment, with a capacity of 70.1 GW. It is expected to reach USD 50.4 billion by 2031, at a rate of 22% every year.
Financial Performance and Challenges
Aerem’s revenue growth has been impressive. The company reported a net loss of INR 3.57 crore in FY24, a slight increase from INR 2.82 crore in FY23. Yet the company’s rapid scaling—and its plans to scale even further—signal a strong potential for profitability as the Indian solar market matures.
Strategic Vision: Transforming India’s Solar Ecosystem
Aerem’s founders, Anand Jain and Vikesh Agarwal, are driving a revolution in India’s clean energy sector.
Anand Jain, Founder and CEO, Aerem, said, “There’s a lack of transparency, unreliable installers and financing bottlenecks. Our solution addresses the entire value chain, eliminating those barriers to solar adoption.”
Vikesh Agarwal, Co-Founder, Aerem, said, “We want to be ‘Aapka Solar Saathi’—your trusted partner in energy. We’re not just a company; we’re a partner in your energy journey.”
Looking Ahead
As demand for distributed solar power grows in India, Aerem is well-positioned to tap into that market. The company is targeting the underserved regions of eastern and southern India. Aerem has already saved an estimated 22 million tons of CO₂ emissions, equivalent to planting 53 million trees. That shows just how committed the company is to a greener, more sustainable India.
Conclusion
Aerem’s funding comes at a very crucial moment, as the Indian solar market is growing at a very rapid rate. This funding will help Aerem to overcome the barriers to solar adoption. In the upcoming years, Aerem’s innovative approach will surely benefit the company.
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