Gurugram-based Metafin Raises $5 Million Funding to Accelerate Cleantech Financing in India
Metafin, a cleantech-focussed non-bank financial company (NBFC), has made headlines by securing $5 million (Rs 42 crore) in funding from Prime Venture Partners and Varanium Capital.
As per the startup, the freshly raised funds will be used to expand across states, increase loan book, improve technology and IoT stack, and hire talent.
Metafin | Cleantech Finance
Founded by Sandeep Chopra and Aditya Shah in 2019, Metafin is a Gurugram-based cleantech-focussed financing platform that provides financing to businesses and homeowners for the installation of solar power. The Gurugram-based startup claims to have financed over 1,000 cleantech installations in UP and Bihar (14+ MWs), of which 90% are off-grid, replacing diesel directly and reducing CO2 emissions by 147 million Kgs.
Speaking about the development, Aditya Shah, Founder and CEO of Metafin, highlighted the firm’s vision of empowering communities and making a dent in the reversal of carbon emissions.
“Our vision extends beyond capital; it’s a commitment to empower communities and make a dent in the reversal of carbon emissions.”
As per Sandeep Chopra, Founder and CEO of Metafin, in addition to Metafin’s climate impact, every plant the startup finances helps India increase energy inclusion, broaden financial inclusion, and improve livelihoods. The startup aims to finance over 1 million such projects in the next 5 years, added Chopra.
Statement from the Investor
Commenting on the development, Sanjay Swamy, Managing Partner, Priven Advisors, Advisory to Prime Venture Partners, said,
“Although the transition to solar seems inevitable, 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.”
Specializing in rooftop solar loans for MSMEs, Metafin aims to help businesses transition from fossil fuels to cleaner energy sources. Supported by Unitus Capital, IFC, 9Unicorns, Harvard i-Labs, Venture Catalysts, and Smart Power India, the cleantech-focussed NBFC addresses the market gap of affordable power for over 5 million rural businesses.
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