Solar startup Aerem raises Rs 100 Cr led by Japan’s UTEC

Mumbai-based clean energy startup Aerem has raised Rs 100 crore or $11.7 million in a new funding round led by Japan’s UTEC. British International Investment (BII), SE Ventures, Riverwalk Holdings, and existing investors Blume Ventures and Avaana Capital have also joined the round. 

With this new round of investment, Aerem’s total funding has reached approximately Rs 166.47 crore ($19.5 million). In 2023, Aerem raised $5 million in an earlier funding round led by climate-focused investor Avaana Capital.

The proceeds will be used to help the company expand across India, especially into the eastern and southern regions, and strengthen its digital platform, financing options, and solar marketplace.

Founded in 2021 by Anand Jain and Vikesh Agarwal, Aerem helps users find reliable solar installers, get access to financing, and ensure quality equipment—all through one streamlined system. 

So far, Aerem claims to have helped install over 800 MW of solar capacity and financed more than 800 projects, working alongside a network of over 2,000 installation partners as of April 2025. 

For the fiscal year ending in March 2024, the company reported a revenue of Rs 175 crore against Rs 1.84 crore in FY23. During the period, its losses remained almost stagnant at Rs 3.57 crore.

Aerem directly or indirectly competes with Solarium, Zunroof, Loom Solar, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy.