Metafin, a leading cleantech-focused non-banking financial company (NBFC), has successfully raised $10 million (approximately ₹85 crore) in its Series A funding round, spearheaded by Vertex Ventures Southeast Asia and India, a subsidiary of Temasek.
Other notable investors, including Northern Arc, AU Small Finance Bank, Prime Venture Partners, and Varanium Capital, also contributed to the round.
This new funding follows a $5 million pre-Series A round in February 2023.
The company plans to use the capital to scale its operations, complete 10,000 solar installations in rural areas, enhance its technology infrastructure, and bolster its senior leadership team.
Founded in 2018 by Aditya Shah and Sandeep Chopra, Metafin specializes in providing financing solutions to rural customers for clean energy installations, such as rooftop solar panels, electric vehicles, and solar pumps.
To date, the company has partnered with over 600 solar installers and facilitated more than 2,600 solar projects.
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The company aims to extend its reach to six to seven additional states, including Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh, by the close of 2025.
This investment highlights the growing interest in NBFCs as India’s lending tech market is projected to expand into a $1.3 trillion opportunity by 2030.
