Aerem Solutions, the top full stack platform for distributed solar in India, has secured $15 million (INR 136 crore) in a Pre-series B funding round.

The round was led by SMBC Asia Rising Fund, the venture capital division of Sumitomo Mitsui Banking Corporation (SMBC), a renowned Japanese financial giant and one of the major banks worldwide, with ongoing support from current institutional investors, including British International Investment (BII), The University of Tokyo Edge Capital Partners (UTEC), Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures (the venture arm of Schneider Electric).

Established in 2021 and based in Mumbai, Aerem is a comprehensive distributed solar platform facilitating quicker and more dependable solar adoption throughout India. Anand Jain (Founder & CEO) and Vikesh Agrawal (Co-founder & Head of NBFC) lead the company, bringing extensive expertise in renewable energy and financial services.

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Aerem integrates support for system design, procurement, financing, and asset monitoring in solar financing, offering a marketplace for solar equipment and a technology-driven platform, aiding MSMEs, installers, and financial partners in implementing high-quality distributed solar solutions at scale.

The new funds will be strategically used to enhance Aerem’s comprehensive capabilities by increasing support for EPC and installer partners, while also broadening its presence throughout India. Simultaneously, the company will aim to boost adoption among MSMEs and homeowners by facilitating access to distributed solar solutions, increasing affordability, and guaranteeing high-quality, dependable execution at a large scale.

Despite appealing economics, where distributed solar energy is 3-4 times less expensive than grid electricity along with robust policy backing, implementation in India still falls behind because of structural obstacles. Currently, distributed solar accounts for only about 20percent of India's overall solar capacity, markedly different from more advanced markets like the U.S. (approximately 52percent) and the U.K. and France (around 57percent), underlining the considerable potential for expansion in the Indian sector.

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For MSMEs and property owners, adopting solar energy continues to be intricate and unclear. Disjointed installer resources, restricted availability of cost-effective financing, and poor visibility into post-installation performance have resulted in a notable trust gap throughout the ecosystem.

These disparities still lead to varying project quality, delayed implementation, and less-than-ideal asset results for clients, EPCs, and financiers as well.

SMBC Group is dedicated to promoting the sustainable development of the Indian economy by utilizing its financial skills.

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Rajeev Kannan, Head of India Division, Managing Executive Officer, SMBC, stated, “We are confident that Aerem’s comprehensive solutions within the solar energy sector—including financing, marketplace platforms, and data-centric services—together with SMBC Group's financial prowess, will significantly aid in speeding up the uptake of clean solar energy in India.”