Metafin raises Funds
12 February 2024, Gurugram: Metafin, a clean tech-focused non-banking finance company (NBFC), has successfully secured $5 million in a recent funding round. Prime Venture Partners and Varanium Capital led the investment, Venture Garage was the financial advisor to Metafin in this transaction.
Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin is serving the needs of over 5 million MSMEs with 1 – 150KW solar rooftop installation and financing projects, leveraging its extensive network of lending and installer partners to power financial inclusion and energy access till the last remote villages of India. Metafin’s unique project led financing approach has a three fold impact on communities with sustainable solutions that positively impact the environment, energy infrastructure and financial inclusion of semi-urban and rural communities.
“With every plant that we enable, we help to meet the goals of access to energy, financial inclusion, increase in livelihood and reversal of climate change. Today we are financing around 1000 projects, but we want to do 1 million such projects in the next five to seven years in India,”-Sandeep Chopra, Founder and CEO of Metafin
Metafin has enabled almost 1,000 installations in UP & Bihar (14+ MWs) of which 90% are off-grid, replacing diesel directly. These installations have helped avoid 147 million Kgs of CO2 to date. This success showcases the effectiveness of Metafin’s scalable, 360-degree approach to cleantech financing, focusing on understanding the end borrower, the solar asset, underwriting and collections.
-Vineet Sagar, Managing Partner of Venture Garage
India has set a 280GW target for solar adoption by 2030, and Metafin plays a pivotal role in achieving this goal by facilitating retail-scale solar projects. By providing tailored financing solutions and ensuring the quality and reliability of each solar project, Metafin contributes to sustainable energy adoption and aligns with India’s mission on decarbonization. The company is actively engaging with banks and other financing partners to collaborate on lending to this segment, with each loan providing ESG impact at multiple levels while delivering attractive returns on secured assets.
– Aparajit Bhandarkar, Partner at Varanium Capital.
Metafin’s growth has been powered by backing of a network of investors and partners including IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, VG Angels and Smart Power India.
To know more about Metafin: click here