Aerem announces strategic acquisition of Spinkraft Ventures

Mumbai, India, May 15, 2024 – Aerem Solutions Private Limited, an end-to-end platform for distributed solar and a leading provider of Solar Loans and Solar Tech solutions, announced today that they have entered into a definitive agreement to acquire Spinkraft Ventures Private Limited, a leading distributor of solar equipment, in its entirety. Spinkraft Ventures Private Limited was founded in 2021 by Pravesh Bhargava, Ajay Patel and Acharan Chandel.

Through this acquisition, Aerem aims to drive its mission to create India's only full stack platform for Solar, driving impactful change and making solar energy accessible to all. This coming together marks a significant step in the evolution of both companies. With Spinkraft's proven abilities in the sales and distribution of solar products, Aerem will be able to provide complete solution to its customers at competitive prices. Spinkraft gets access to a world class solar platform, capital for growth, and well-structured processes and systems to scale. Solar customers will hugely benefit from Aerem's one-roof approach, where solar EPCs and customers can get access to Solar Tech software tools, customised financing solutions, and quality solar procurement.

This transaction makes Aerem the only Company in India that provides complete suite of products and services to support all stakeholders in the entire solar value chain, including OEMs, distributors/suppliers, EPCs, end customers (Business and Residential) and banks. With this approach, Aerem and Spinkraft together aspire to immensely boost Nation's goals of adopting solar energy.

Mr. Anand Jain, CEO of Aerem Solutions, expressed his enthusiasm about the acquisition, saying, "We warmly welcome Pravesh Bhargava, Acharan Chandel and the entire Spinkraft team to Aerem. With the combined strength of Aerem and Spinkraft, we are poised to accelerate adoption of Solar and are thrilled about the opportunities and value addition this combined entity will bring to our stakeholders. We look forward to a bright future together."

Founders of Spinkraft expressed their happiness on completion of the transaction saying “This is a great platform for us to take flight towards our next goal and joint capabilities of Aerem and Spinkraft will revolutionize the solar market. This is also a great opportunity for rest of the team members to learn and develop themselves as future leaders.”

About Aerem:

Aerem Solutions Private Limited is India's leading Comprehensive Solar Solutions provider, offering Solar Financing, Commerce and Technology Solutions. Its wholly owned subsidiary, NetZero Finance, is India's only solar-focused NBFC. Aerem is backed by some of the leading equity venture capital firms, such as Blume Ventures, Avaana Capital and Riverwalk Holdings.

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