Metafin, an NBFC firm specialising in solar loans, raises $10 million funding to expand presence

Metafin, a non-banking finance company (NBFC) specialising in solar loans, has raised $10 million (approximately Rs 85 crore) in a Series A round comprising both equity and debt. 

The funding was led by Vertex Ventures Southeast Asia and India, with participation from Prime Venture Partners and Varanium Capital—both existing investors—and financial institutions including Northern Arc and AU Small Finance Bank.

What does Metafin do?

Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin provides financing solutions for solar energy systems to small businesses and households in rural and semi-urban regions. Its loans are facilitated through a network of installation and lending partners, with an emphasis on technology-backed credit underwriting. The firm leverages real-time energy data to facilitate scalable financing.

“Today, we have financed over 3,200 installations in 2,700 villages,” said Chopra. “The ambition now is to scale up to 10,000 installations and 8,000 villages across the states in which we are operating. This is in line with our broader mission of enabling energy access in rural India.”

Expanding presence to other states

Headquartered in Gurugram, Metafin currently operates in Uttar Pradesh and Bihar and plans to use the new capital to expand into Jharkhand, Chhattisgarh, Odisha, and Madhya Pradesh. The funds will also be deployed to enhance its technology stack, deepen credit and service infrastructure, and support operational growth.

As of March 2025, Metafin reported an annual revenue run rate of Rs 22 crore and assets under management (AUM) of Rs 81 crore. The firm is in active discussions with additional banks and financial institutions to broaden its suite of credit offerings tailored to rural and semi-urban markets.

Previous funding

The latest funding follows a $5 million equity round raised in February 2024 from Prime Venture Partners and Varanium Capital. The back-to-back capital infusions come amid growing policy momentum in the renewable energy sector, including an 80% budget increase for the government's rooftop solar initiative, the Pradhan Mantri Surya Ghar Muft Bijli Yojana.

“Metafin’s technology-driven approach, combined with its grassroots reach and deep understanding of rural credit, positions it as a category-defining player in solar asset financing,” said Nikhil Marwaha, Senior Executive Director at Vertex Ventures Southeast Asia and India.