Metafin, a financial company that gives loans for solar energy projects, has raised $10 million in a Series A funding round. The main investor was Vertex Ventures Southeast Asia and India. Other investors included Prime Venture Partners, Varanium Capital, Northern Arc, and AU Small Finance Bank.
Metafin was started in 2019 by Sandeep Chopra and Aditya Shah. The company helps people and small businesses, especially in rural and semi-urban areas, get easy and affordable loans for solar energy. Many of these areas struggle to get loans from regular banks. Metafin uses smart technology and data to offer loans that match the energy needs and financial situations of its customers.
With the new funding, this startup plans to grow its services to six more states in India by the end of 2025. The company also wants to improve its technology to speed up loan approvals and make solar power cheaper for more people.
Metafin offers flexible loan options for rooftop solar panels, solar water pumps, and electric vehicles. By doing this, it helps people and businesses save on electricity bills and switch to cleaner energy.
Co-founder Sandeep Chopra said the funding will help them grow faster and bring clean energy to more people in India, especially where it is needed most.
Even though clean energy adoption is tough in smaller towns and villages, Metafin’s easy loan options have become popular. The company also works with solar equipment makers and service providers to make the process smooth from loan to installation.
As India works toward its goal of using more renewable energy, Metafin’s work supports the country’s plan to reach 500 gigawatts of non-fossil fuel energy by 2030. With more people choosing clean energy, Metafin is playing an important role in making solar power easier to afford and access.
