Solartech platform Aerem raises $5-M from Avaana Capital

Mumbai-headquartered solartech platform Aerem has raised USD 5 million (INR 41 crore) in a pre-Series A round led by Avaana Capital. The round also saw participation from existing investor Blume Ventures and includes debt financing of USD 1.5 million from financial institutions. The company will use the funds to expand its suite of solartech and financing solutions and build an ecosystem that brings together all the stakeholders — financial institutions; engineering, procurement and construction (EPC) companies and MSMEs — to enable solutions for rooftop solar projects. Founded in 2021 by Anand Jain, Aerem provides assistance to MSMEs to harness the power of solar energy and reduce their electricity costs by up to 70%. The company also offers loans through its in-house non-banking financial company (NBFC) and partner banks.