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Metafin Secures $10 Million in Series A Funding for Cleantech Expansion

Metafin, a cleantech-focused non-banking financial company (NBFC), has successfully raised $10 million (approximately Rs 85 crore) in its Series A funding round. This round was led by Vertex Ventures Southeast Asia and India, which is a subsidiary of Temasek.

Other contributors to this funding include Northern Arc, AU Small Finance Bank, Prime Venture Partners, and Varanium Capital. This financial boost follows Metafin’s previous $5 million pre-Series A round, which took place in February 2023.

The capital raised will be allocated to various growth initiatives such as completing 10,000 solar installations in rural areas, enhancing its technology framework, and expanding its senior leadership team.

Founded in 2018 by Aditya Shah and Sandeep Chopra, Metafin specializes in providing financial solutions for rural customers aiming to install clean energy products, including rooftop solar panels, electric vehicles, and solar pumps.

The company reports that it has partnered with approximately 600 solar installers and facilitated around 2,600 solar projects. Metafin aims to broaden its reach into six to seven additional states, such as Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh, by the end of 2025.

This investment arrives during a period of heightened interest in NBFCs, as India’s lending tech market is projected to reach a $1.3 trillion opportunity by 2030. Recently, a Madhya Pradesh-based non-banking financial company, Finodaya Capital, secured $2.5 million in its seed round, led by White Venture Capital.

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