Aerem, an Indian solar financing firm, has acquired Spinkraft Ventures, a solar equipment distributor, to establish a comprehensive platform covering the entire solar energy value chain, aiming to become India's sole full-stack platform for solar solutions.

The financial details of the acquisition were not disclosed by the company. Founded in 2021, Spinkraft Ventures specialises in the sales and distribution of solar products across India. By integrating Spinkraft into its operations, Aerem seeks to utilise its distribution capabilities to offer complete solar solutions to customers.

Anand Jain, CEO, Aerem Solutions, expressed optimism about the combined strength of Aerem and Spinkraft, foreseeing an accelerated adoption of solar energy in India.

Aerem, known for its commercial solar financing arm NetZero Finance and proprietary software tools for streamlining solar projects, will now provide Spinkraft's team access to its technology platforms, processes, and systems to facilitate rapid operational scaling.

Supported by Blume Ventures and climate-technology investor Avaana Capital, Aerem had previously secured $5 million in a pre-Series A funding round, which included $1.5 million in debt financing from financial institutions. These funds were intended to expand its range of solar technology and financing options, as well as establish a network connecting financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects.

Earlier, Aerem had raised $2.5 million in pre-Series A funding to develop its technology platform.

The solar sector witnessed corporate funding of $8.1 billion through 41 transactions in the first quarter of 2024, reflecting a 4% decrease compared to the same period in 2023. However, there was a significant 47% increase in funding compared to the previous quarter, as revealed in Mercom Capital Group?s Q1 2024 Solar Funding and M&A Report.

(Source: Mercom)