Metafin Secures $5 Million Funding to Expand Cleantech Finance Reach

• ByStartupStory     |    February 7, 2024

Metafin, a Gurugram-based cleantech-focused NBFC, has announced securing $5 million in equity funding from Prime Venture Partners and Varanium Capital. The startup plans to utilize the funds to expand its operations across states, increase its loan book, enhance its technology and IoT stack, and bolster its talent pool.

Founder and CEO Sandeep Chopra stated, “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.”

Since its inception in 2019 by Sandeep Chopra and Aditya Shah, Metafin has financed over 1,000 cleantech installations in Uttar Pradesh and Bihar, with 90% being off-grid, resulting in a reduction of CO2 emissions by 147 million kilograms. Co-founder Aditya Shah highlighted the challenges faced by retail-scale solar projects due to a lack of specialized financing and unreliable installations, which Metafin actively addresses. He added, “Our vision extends beyond capital; it’s a commitment to empower communities and make a dent in the reversal of carbon emissions.”

Metafin specializes in rooftop solar loans for MSMEs, aiming to help businesses transition from fossil fuels to cleaner energy sources. The company aims to address the market gap of affordable power for over 5 million rural businesses. Sanjay Swamy, Managing Partner at Priven Advisors, Advisory to Prime Venture Partners, praised Metafin’s approach, stating, “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.”

Metafin has received support from IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, and Smart Power India. The funding round reflects growing investor interest in cleantech startups and their potential to drive sustainable solutions in the energy sector.

Follow Startup Story