ImpactAlpha, March 20 – Mumbai-based Aerem is connecting small businesses with solar installers and financing. The company estimates that businesses can cut energy costs by 30% to 70%.
Aerem has raised $5 million in a mix of debt and equity from growth-equity investor Avaana Capital, Blume Ventures and others. Avaana, a woman-led tech investment firm launched in 2018 by former TPG executive Anjali Bansal, invested via its second climate tech fund.
Climate tech in India is proving a resilient sector despite the tech downturn. Most of the venture capital in the market is going to early-stage ventures like Aerem. Two-thirds is focused on renewables. India requires an estimated $1 trillion by 2030 to finance its low-carbon transition goals.