Despite a surge in rooftop solar installations in India, businesses struggle to make the switch because of the high upfront costs of installing solar panels. Aerem is improving access to specialized solar financing for commercial and industrial solar customers through its own financing arm, Netzero Finance, and through partner banks like Bank of Baroda.
The company offers collateral-free loans of 500,000 to 10 million rupees ($5,800 to $117,000) to businesses. It also works on the other side of the solar sector, providing supply-chain financing for solar engineering, procurement and construction companies.
Series A
The company’s equity round was backed by the University of Tokyo Edge Capital Partners, UTEC, which has amassed an $800 million portfolio of early stage tech startups worldwide. British International Investment, Schneider Electric’s venture arm, and Riverwalk Holdings joined the round, while Blume Ventures and Avaana Capital re-upped their investments.
