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					</table><p>Solar energy financing firm <a href="https://www.aerem.co/" target="_blank" rel="noopener">Aerem</a> has secured ₹1 billion (~$11.7 million) from Japan-based venture capital firm University of Tokyo Edge Capital Partners (<a href="http://www.ut-ec.co.jp/english/" target="_blank" rel="noopener">UTEC</a>) in a Series A funding round.</p>
<p>Other investors in the funding included <a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">British International Investment</a>, <a href="https://www.seventures.com/home.jsp" target="_blank" rel="noopener">SE Ventures</a>, and <a href="https://riverwalkholdings.com/" target="_blank" rel="noopener">Riverwalk Holdings</a>.</p>
<p>Existing investors, <a href="https://blume.vc/" target="_blank" rel="noopener">Blume Ventures</a> and <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>, also participated in this round.</p>
<p>The investment is in addition to debt capital from leading financial institutions, including <a href="https://www.idfcfirstbank.com/" target="_blank" rel="noopener">IDFC</a>, <a href="https://www.aubank.in/" target="_blank" rel="noopener">AU Small Finance</a>, <a href="https://www.axisbank.com/" target="_blank" rel="noopener">Axis Bank</a>, <a href="https://www.northernarc.com/" target="_blank" rel="noopener">Northern Arc</a>, <a href="https://mas.co.in/" target="_blank" rel="noopener">MAS Financials</a>, and <a href="https://www.vivriticapital.com/" target="_blank" rel="noopener">Vivriti Capital</a>.</p>
<p>The funding will be utilized to drive the company&#8217;s distribution growth across India and solidify its presence in existing markets.</p>
<p>It will also be used to expand its end-to-end platform, scale its marketplace business, and broaden its lending portfolio to meet increasing demand.</p>
<p>The investment will also advance the company&#8217;s technology roadmap and enable the development of innovative financing solutions.</p>
<p>The company has an ecosystem of over 2,000 installation partners and has enabled more than 800 MW of solar capacity, successfully financing over 800 projects.</p>
<p>According to Anand Jain, Founder and CEO of Aerem, Indian MSMEs and homeowners find the process of finding the right solar installer at the right price, with the right quality, and with the right financing to be complex. He said Aerem addresses the entire value chain, eliminating barriers to solar adoption.</p>
<p>Aerem <a href="https://mercomindia.com/aerem-acquires-spinkaft-ventures" target="_blank" rel="noopener">acquired</a> solar equipment distributor Spinkraft Ventures in 2024 to create a platform spanning the entire solar energy value chain. Spinkraft deals in sales and distribution of solar products across India.</p>
<p>In 2023, Aerem <a href="https://mercomindia.com/solar-financing-aerem-5-million-pre-series-a-round" target="_blank" rel="noopener">secured</a> $5 million (~₹413 million) in a pre-Series A funding round to help finance its product offerings. Avaana Capital, a climate technology investor, led the investment, with participation also from Blume Ventures.</p>
<p>According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A Report, global corporate funding in the solar sector in 2024 <a href="https://mercomindia.com/corporate-funding-in-the-solar-sector-dropped-24-yoy-in-2024" target="_blank" rel="noopener">reached</a> $26.3 billion, a 24% year-over-year decline from $34.4 billion.</p>


Solar Financing Firm Aerem Raises ₹1 Billion from Japan-Based UTEC


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					</table><p>Bengaluru-based electric vehicle (EV) battery solutions provider, <a href="https://www.energycompany.in/" target="_blank" rel="noopener">The Energy Company</a> has secured $2 million (~₹173.8 million) in a pre-Series A funding round.</p>
<p><a href="https://sianacapital.com/" target="_blank" rel="noopener">Siana Capital</a>, <a href="https://www.callapina.com/" target="_blank" rel="noopener">Callapina Capital</a>, <a href="https://z21.ventures/" target="_blank" rel="noopener">Z21 Ventures</a>, <a href="https://www.1crowd.co/" target="_blank" rel="noopener">1Crowd</a>, <a href="https://www.letsventure.com/" target="_blank" rel="noopener">Lets Venture</a>, and other top-tier investors led the funding round.</p>
<p>The company had earlier completed a pre-seed round for $600,000 (~₹52.14 million).</p>
<p>The funds will be used to grow the company’s full-stack battery intelligence platform, Flexi, which helps commercial electric vehicle fleets address key challenges such as battery lifespan and financing.</p>
<p>The company plans to scale up FlexiPack for electric two-wheelers and e-rickshaws while expanding into small and medium-sized energy storage systems.</p>
<p>The Energy Company offers batteries with fast-charging capability, compatibility with any public charger, a lifespan of up to 2,500 cycles, and second-life readiness.</p>
<p>Corporate funding for energy storage companies <a href="https://www.mercomindia.com/mercom-capital-report-corporate-funding-energy-storage-smart-grid" target="_blank" rel="noopener">grew</a> to $19.9 billion in 116 deals in 2024, compared to $19 billion in 120 deals in 2023, according to Mercom Capital Group’s Annual and Q4 2024 Funding and M&amp;A Report for Storage &amp; Grid.</p>
<p>Several EV battery firms in India have raised funds in recent months, even as EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, an over 27% growth year-over-year against the 1.53 million units sold in 2023. EVs accounted for 3.6% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.</p>
<p>According to BloombergNEF (BNEF), battery prices for electric vehicles <a href="https://www.mercomindia.com/lithium-ion-battery-historic-low-price" target="_blank" rel="noopener">fell</a> below the $100/kWh threshold for the first time, averaging $97/kWh, in 2024. While EVs have achieved price parity with combustion vehicles in China, they remain more expensive in many other markets. BNEF projects that more segments will reach price parity globally as lower-cost batteries become increasingly available.</p>
<p>Another BNEF report said prices of lithium-ion battery packs <a href="https://www.mercomindia.com/at-139-kwh-lithium-prices-hit-all-time-low" target="_blank" rel="noopener">dropped</a> by 14% to a record low of $139/kWh in 2023 due to falling raw material and component prices.</p>


EV Battery Firm The Energy Company Raises $2 Million in Pre-Series A Funding


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					</table><p>Bengaluru-based electric bike startup <a href="https://obenelectric.com/" target="_blank" rel="noopener">Oben Electric</a> has secured ₹500 million (~$5.82 million) in a Series A funding round.</p>
<p>This round included participation from Ambis Holding US, Kuberan Ventures, <a href="https://karimjee.com/" target="_blank" rel="noopener">Karimjee Group</a>, <a href="https://www.missionvertical.com/" target="_blank" rel="noopener">Mission Vertical</a>’s U.S.-based venture capital entity, Sanjeev Saraf (Polyplex) family office, <a href="https://www.pravek.com/?srsltid=AfmBOopMzSU9FmcHjnKx9jWpBK1BvFxpkeZRr2zumJQbVwpNEUDFJJW_" target="_blank" rel="noopener">Pravek Kalp</a> family office, and other existing investors.</p>
<p>The company plans to use the funding to expand its existing distribution network and its Oben Care services to over 100 showrooms across 50 cities in India by the financial year 2026. It also plans to use these funds to expand its product offerings.</p>
<p>The company sells its flagship motorcycle, “Rorr,” from over 20 stores across 10 cities, including Bengaluru, Delhi, Jaipur, Lucknow, Pune, Kochi, and Thiruvananthapuram.</p>
<p>To date, Oben Electric has raised a total of ₹1.5 billion (~$17.48 million).</p>
<p>The company has an over 100,000-unit capacity manufacturing plant based in Jigani, Bengaluru, with a supply chain support of more than 150 vendors.</p>
<p>It aims to expand its offerings and distribution network, including exports, by raising $50 million in Series B funding by mid-2025.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2024" target="_blank" rel="noopener">reached</a> a record 1.95 million units in 2024, an over 27% growth year-over-year against the 1.53 million units sold in 2023. EVs accounted for 3.6% of overall automobile sales. Electric two-wheelers accounted for nearly 59% (1.15 million) of total EVs sold in 2024.</p>
<p>To promote India as a manufacturing destination for EVs, the government is <a href="https://www.mercomindia.com/ev-policy-pushes-global-players-build-india" target="_blank" rel="noopener">offering</a> international manufacturers a reduced customs duty rate of only 15% for five years if they invest at least ₹41.5 billion (~$500 million) to establish manufacturing facilities in the country.</p>
<p>Companies will have a three-year timeline to set up their manufacturing plants and commence commercial production in the country. During this initial phase, they must achieve a domestic value addition of at least 25%.</p>


Oben Electric Secures ₹500 Million in Series A Funding Round

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