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Solar platform Aerem Solutions raises $15 Mn in pre-Series B

EntrackrEntrackr · 5h ago
Solar platform Aerem Solutions raises $15 Mn in pre-Series B
Medial

Solar platform Aerem Solutions raises $15 Mn in pre-Series B Distributed solar platform Aerem Solutions has raised $15 million (Rs 136 crore) in a pre-Series B funding round led by SMBC Asia Rising Fund, the venture arm of Sumitomo Mitsui Banking Corporation (SMBC). Existing investors British International Investment (BII), UTEC, Blume Ventures, Avaana Capital, Riverwalk Holdings, and SE Ventures (Schneider Electric) also participated in the round. With this infusion, Aerem’s total funding has reached approximately $34.5 million. Prior to the current round, the Mumbai-based startup had raised Rs 100 crore (around $11.7 million) in April last year, led by UTEC. In 2023, it had raised $5 million in an earlier funding round led by Avaana Capital. The fresh capital will be used to expand Aerem’s pan-India footprint, strengthen its EPC and installer partner network, and drive solar adoption among MSMEs and residential customers. The company also plans to invest in improving affordability, execution quality, and post-installation performance visibility. Founded in 2021, Aerem operates a full-stack platform for distributed solar adoption in India, integrating solar financing, an equipment marketplace, and a technology layer spanning system design, procurement, financing, and asset monitoring. It primarily serves MSMEs, homeowners, EPCs, and financial institutions. To date, Aerem claims to have enabled over 1,200 MW of solar capacity and financed more than 2,000 projects across the country. The company works with over 3,200 installation partners across 150 cities in India.

Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B

EntrackrEntrackr · 27d ago
Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B
Medial

Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. Commercial electric vehicle (EV) distribution and financing platform Turno is raising Rs 50 crore or $5.5 million in its pre-Series B round from Stellaris Ventures and with the participation of B Capital, Quona Accion Inclusion Fund, and BII. Turno members at the extraordinary general meeting (EGM) have approved a special resolution to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share, aggregating to a total fundraise of Rs 50.01 crore, according to its regulatory filings accessed from the Registrar of Companies (RoC). Existing investor British International Investment will invest Rs 20 crore, followed by Stellaris Venture Partners with an investment of Rs 15 crore, while B Capital and Quona will invest Rs 10 crore and Rs 5 crore, respectively. As per Entrackr’s estimates, the company will be valued at around Rs 492 crore ($55 million) post-money. The fresh capital will be utilised to support the company’s growth and expansion plans, meet operational requirements, and fund general corporate purposes. Following the pre-series B round, Stellaris Venture Partners will hold a 19.49% stake in Turno, while B Capital, British International Investment, and Quona Accion Investment will hold stakes of 8.63%, 7.03%, and 6.79%, respectively. Founded by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. It also provides financing options across Delhi, Telangana, and Maharashtra. Turno has raised around $28 million to date, including $5.5 million in May last year and $13.8 million in its Series A round in February 2023. The company is yet to file its FY25 financials. For the fiscal year ended March 2024, Turno posted Rs 3.67 crore in revenue in FY24, while its losses expanded by 18.5% to Rs 31.87 crore.

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