Metafin, a cleantech-focused Non-Banking Financial Company (NBFC), has raised $10 million (approximately ₹85 crore) in a Series A funding round led by Vertex Ventures Southeast Asia and India, a subsidiary of Singapore-based Temasek Holdings. The round also saw participation from Northern Arc, AU Small Finance Bank, Prime Venture Partners, and Varanium Capital.
Previous Funding and Growth Plans
This funding follows Metafin’s $5 million pre-Series A round secured in February 2023, underscoring growing investor confidence in the company’s mission and impact-driven business model. The fresh capital will be utilized to scale up operations, including the completion of 10,000 solar installations in underserved rural areas, advancing its proprietary tech infrastructure, and expanding its senior leadership team.
Empowering Rural India with Clean Energy Financing
Founded in 2018 by Aditya Shah and Sandeep Chopra, Metafin is on a mission to democratize access to clean energy in rural India. The company provides affordable financing solutions for products such as rooftop solar panels, solar water pumps, and electric vehicles (EVs). These offerings cater to low-income households and small businesses aiming to transition to sustainable energy solutions.
Strong Industry Partnerships and Impact
Metafin has built a robust ecosystem by partnering with over 600 solar installers and facilitating more than 2,600 solar installations to date. With its new capital infusion, the company aims to expand into six to seven new Indian states, including Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh, by the end of 2025.
NBFC Sector Gaining Momentum in India
This investment highlights the increasing attention toward NBFCs as enablers of financial inclusion in India. The country’s lending tech market is projected to hit $1.3 trillion by 2030, according to industry estimates. Notably, other regional NBFCs are also attracting investor interest, with Finodaya Capital, based in Madhya Pradesh, recently raising $2.5 million in a seed round led by White Venture Capital.
Driving Sustainable Finance for a Greener Future
Metafin’s focus on climate-resilient infrastructure and renewable energy financing aligns with India’s larger goals of energy transition and rural empowerment. The company is well-positioned to become a key player in India’s evolving green finance ecosystem.