The startup plans to utilize funds to expand across states, grow its loan book, enhance its technology and IoT stack, and hire key talent, as per the company's statement.
Helping businesses move from fossil fuel to cleaner sources of energy
Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin aims to transition businesses from fossil fuels to cleaner energy sources, focusing on providing rooftop solar loans to semi-urban and rural Micro, Small, and Medium Enterprises (MSMEs).
The startup is focused on addressing the substantial and often overlooked market gap of providing affordable power to over 5 million rural businesses.
Sandeep Chopra, Founder & CEO, said, "We believe in empowering the backbone of India's economy – its MSMEs. My journey from banking to founding Metafin stems from a passion to bridge the energy and financing gap at a retail scale and deliver significant positive climate impact. In addition to our climate impact, every plant we enable helps India a) increase energy inclusion b) broaden financial inclusion; and c) improve livelihoods. Our goal is to finance over 1 million such projects in the next 5 years.”
“Although the transition to solar seems inevitable, 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. We’re delighted to partner with Sandeep, Aditya and the team in their journey of Solarizing Bharat,” said Sanjay Swamy, Managing Partner, Priven Advisors, Advisory to Prime Venture Partners.
Facilitating retail-scale solar projects
India has set a 280GW target for solar adoption by 2030, and Metafin said it aims to play a pivotal role in achieving this goal by facilitating retail-scale solar projects.
It 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.
Aditya Shah, Co-Founder, emphasizes, "While utility-scale projects have met installation targets, retail-scale solar lags due to a dearth of specialized financing and unreliable installations—challenges we actively address. Our vision extends beyond capital; it's a commitment to empower communities and make a dent in the reversal of carbon emissions."
Metafin claims to have 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, the startup said.
The startup is backed by IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts and Smart Power India.
Join our new WhatsApp Channel for the latest startup news updates