Metafin, a cleantech-focused NBFC, has successfully raised $5 million in equity funding led by Prime Venture Partners and Varanium Capital
The company’s primary objective with this funding is to expand its operations across various states, bolster its loan portfolio, upgrade its technology infrastructure and IoT capabilities, and onboard key talent, according to a statement released by the company.
Empowering Businesses Toward Cleaner Energy Solutions
Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin is dedicated to facilitating the transition of businesses from fossil fuel reliance to cleaner energy alternatives. The startup specializes in offering rooftop solar loans to semi-urban and rural Micro, Small, and Medium Enterprises (MSMEs), with a specific focus on addressing the energy accessibility challenges faced by over 5 million rural enterprises.
Driving Positive Climate Impact and Financial Inclusion
Sandeep Chopra, the Founder & CEO of Metafin, emphasized the company’s commitment to empowering India’s MSME sector and driving significant climate impact. He outlined Metafin’s goal of financing over 1 million solar projects in the next five years, with a vision to enhance energy and financial inclusion while improving livelihoods across communities.
Paving the Way for Solar Adoption at Retail Scale
Metafin’s strategic approach involves facilitating retail-scale solar projects to contribute toward India’s ambitious 280GW solar adoption target by 2030. The company aims to overcome challenges in this segment by collaborating with banks and financing partners to provide specialized lending solutions, thereby enabling ESG impact and delivering attractive returns on secured assets.
Notable Achievements and Growth Trajectory
With nearly 1,000 installations in Uttar Pradesh and Bihar, totaling over 14 MWs, Metafin has made significant strides in the renewable energy space. These installations, primarily off-grid, have directly replaced diesel usage, leading to a substantial reduction in CO2 emissions, with over 147 million kilograms of CO2 avoided to date.
Backed by Leading Investors and Industry Partners
Metafin’s journey is supported by a robust investor lineup, including IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, and Smart Power India, reflecting confidence in the company’s vision and potential for impact in the clean energy sector.