Metafin plans to utilise funds to expand across states, grow its loan book, enhance its technology and IoT stack, and hire key talent
It will also support Metafin's approach to speeding up rooftop solar adoption and financing in rural India.
As per Inc42’s State Of Indian Fintech Report, Q3 2023, the fintech sector has garnered over $27 Bn in funding from 2014 to mid-2023
Cleantech-focused non banking financial company (NBFC) Metafin has raised $5 Mn (INR 37.5 Cr) in a round from Prime Venture Partners and Varanium Capital.
The startup plans to use the fresh funds to expand across states, grow its loan book, scale up technology stack and hire talent.
Founded by Sandeep Chopra and Aditya Shah in 2018, Metafin is a financing platform that offers financing to businesses and homeowners for installation of solar power.
Metafin claims to have enabled almost 1,000 installations in UP and Bihar, totalling over 14 MW, of which 90% are off grid, replacing diesel directly.
Chopra said, “We believe in empowering the backbone of India’s economy – its MSMEs.
Metafin intends to bridge the energy and financing gap at a retail scale and deliver a significant positive climate impact. In addition to our climate impact, every plant we enable helps India in increasing energy inclusion, broadening financial inclusion; and improving livelihoods. Our goal is to finance over 1 Mn such projects in the next 5 years.”
Shah said, “While utility-scale projects have met installation targets, retail-scale solar lags due to a shortage of specialised financing and unreliable installations challenges we actively address. Our vision extends beyond capital; it’s a commitment to empower communities and make a dent in the reversal of carbon emissions.”
“Metafin has addressed the key roadblocks, affordability and distribution with a technology-first, partnership-driven mindset. Whether you are an atta-chakki (flour mill), a gas station, an EV charging station, or any other MSME in India, Metafin has put together a brilliant, proven solution,” said Sanjay Swamy, managing partner, Priven Advisors, Advisory to Prime Venture Partners.
