Cleantech focused NBFC Metafin bags $5M from Prime Venture Partners and Varanium Capital

The Gurugram-based startup plans to use the funds to expand across states, increase its loan book, improve its technology and IoT stack, and hire talent.

Cleantech focused NBFC Metafin bags $5M from Prime Venture Partners and Varanium Capital

Wednesday February 07, 2024,

2 min Read

Metafin, a cleantech-focused NBFC, has secured $5 million in equity funding from Prime Venture Partners and Varanium Capital.

The Gurugram-based startup plans to use the funds to expand across states, increase loan book, improve technology and IoT stack, and hire talent.

"In addition to our climate impact, every plant we enable helps India increase energy inclusion, broaden financial inclusion, and improve livelihoods. Our goal is to finance over 1 million such projects in the next 5 years,” said Sandeep Chopra, Founder and CEO, Metafin.

The startup has financed over 1,000 cleantech installations in UP and Bihar, 90% of which are off-grid, reducing CO2 emissions by 147 million Kgs.

"While utility-scale projects have met installation targets, retail-scale solar lags due to a dearth of specialised financing and unreliable installations—challenges we actively address. Our vision extends beyond capital; it's a commitment to empower communities and make a dent in the reversal of carbon emissions," said co-founder Aditya Shah.

Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin offers solar power to businesses and homeowners through its network of lending and installer partners.

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The company aims to help businesses transition from fossil fuels to cleaner energy sources, it said in a statement. Specialising in rooftop solar loans for MSMEs, it addresses the market gap of affordable power for over 5 million rural businesses.

“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,” said Sanjay Swamy, Managing Partner, Priven Advisors, Advisory to Prime Venture Partners.

The company has been supported by IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, and Smart Power India.


Edited by Megha Reddy