Metafin, a leading cleantech-focused non-banking financial company (NBFC), has marked a significant milestone in its journey towards sustainable energy solutions with the successful closure of a $5 million equity funding round. The investment, led by Prime Venture Partners and Varanium Capital, underscores Metafin’s commitment to accelerating rooftop solar adoption and financing in rural India, addressing critical challenges in the transition to clean energy.
Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin has emerged as a catalyst for facilitating the shift from fossil fuels to cleaner sources of energy. Specializing in rooftop solar loans for semi-urban and rural micro, small, and medium enterprises (MSMEs), the company aims to bridge the energy and financing gap prevalent in rural communities. By leveraging its NBFC capabilities and establishing strategic partnerships with lending and installation partners, Metafin is paving the way for widespread adoption of renewable energy solutions across India’s rural landscape.
The $5 million equity infusion will be instrumental in fueling Metafin’s expansion initiatives, enabling the company to expand its presence across states, grow its loan portfolio, enhance its technology infrastructure, and recruit key talent. Sandeep Chopra, Founder & CEO of Metafin, expressed his vision for the company, stating, “We believe in empowering the backbone of India’s economy – its MSMEs. Our journey from banking to founding Metafin stems from a passion to bridge the energy and financing gap at a retail scale and deliver significant positive climate impact.”
Metafin’s strategic approach to clean energy financing has garnered praise from industry experts and investors alike. Sanjay Swamy, Managing Partner at Priven Advisors, Advisory to Prime Venture Partners, commended Metafin’s innovative model, emphasizing the company’s ability to address key roadblocks in the transition to solar energy. He remarked, “Metafin has addressed the key roadblocks – affordability and distribution – with a technology-first, partnership-driven mindset. We’re delighted to partner with Sandeep, Aditya and team in their journey of Solarizing Bharat.”
Aparajit Bhandarkar, Partner at Varanium Capital, highlighted the transformative potential of rural solar financing, emphasizing its ability to drive sustainable economic growth while curbing carbon emissions. He noted, “Metafin is at the forefront of financing rooftop solar installations, ushering in a new era of sustainable energy in rural India.” Bhandarkar also underscored the triple benefits of rural solar financing, including cost savings for small businesses, reduced dependency on diesel generators, and alignment with RBI’s Priority Sector Lending mandate.
In conclusion, Metafin’s successful equity funding round signifies a significant step forward in advancing clean energy adoption and promoting financial inclusion in rural India. With a steadfast commitment to innovation, sustainability, and positive social impact, Metafin is poised to play a pivotal role in India’s transition towards a cleaner, more resilient energy ecosystem, empowering MSMEs and fostering sustainable development nationwide.