Solar finance platform Metafin raises $10M debt from Lendable

Metafin, the Mumbai headquartered solar finance platform focused on households and rural micro, small and medium enterprises (MSMEs) has raised $10 million in structured debt from Lendable, the London based global impact fund.

A statement said this funding was done through Lendable’s Transportation and Energy Fund (LTEF) and this will be used by Metafin to expand financing for productive-use solar systems for rural MSMEs, enterprises, and small businesses.

To date, Metafin has financed over 6,500 solar projects across more than 4,000 villages in five states. The company claimed that these projects have helped offset over 30 million kilograms of CO₂ emissions while displacing 11 million litres of diesel.

“Access to affordable financing remains one of the biggest barriers to clean energy adoption in rural India. This facility allows us to expand solar financing to thousands of small businesses and households that rely on expensive diesel today,” said Sandeep Chopra and Aditya Shah, Co-Founders of Metafin.

Metafin works with a network of over 1,000 local solar installers, integrated real time energy monitoring, and operates a growing servicing arm that supports the deployment and maintenance of solar systems across rural markets.

Maite Pina, Head of Sustainable Finance at Lendable, said, “Metafin represents the type of scalable, technology driven climate focused business we aim to support through Lendable’s Transportation and Energy Fund.”

Founded in 2018, Metafin is backed by investors such as Vertex Ventures SEAI, Prime Venture Partners, Varanium Capital, SBI, Northern Arc, and AU Small Finance Bank.