Blume Ventures Leads $2.5 Million Investment Round for Solar Financing Platform Aerem
Blume Ventures led the $2.5 million investment round for solar financing platform Aerem. Aerem is leading the way in developing India's first asset finance and quality platform for solar energy.
The funds will be used to expand the loan book, develop the tech platform to enable end-to-end digital and seamless interaction with multiple stakeholders, and hire teams, including leadership in technology, product, finance, and operations.
Anand Jain, founder, Aerem, said: "Aerem aims to democratise the adoption of rooftop solar for a better, greener, and sustainable future. Our innovative solar technology platform, including AAA (Aerem Asset Assurance), ensures quality rooftop solar systems. Combined with financing from our in-house NBFCs or partner banks, we enable a reduction in the power bills of MSMEs.”
Aerem's platform addresses the barriers to MSMEs' rooftop solar adoption. The startup operates in a highly scalable market.
Ashish Fafadia, partner, Blume Ventures, said: "We are impressed with Anand’s vision and Aerem’s platform approach that includes credit. Their full-stack solution provides end-to-end engagement and is ahead of the market by one to two years.
“Solar is in a sweet spot, where macro (top-down) and micro (bottom-up) factors are incredibly aligned. This is extremely rare for any sector. India has targeted 280 GW of solar capacity and 50% of its energy requirement from clean energy by 2030.”
Aerem, founded by Jain in 2021, has influenced reducing carbon emissions and increased the profitability of MSMEs, making them more competitive. It intends to reach 20 million industrial MSMEs in India. The MSME sector alone is anticipated to be worth more than $200 billion.
Source: The Economic Times