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Time of India

Solar-focussed NBFC Metafin raises $10 million in round led by Vertex Ventures SEA & India

Solar loans-focussed non-banking finance company (NBFC) Metafin has raised $10 million in a mix of equity and debt funding , led by Vertex Ventures Southeast Asia and India. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Existing investors Prime Venture Partners and Varanium Capital also participated in the Series A round, along with financial institutions Northern Arc and AU Small Finance Bank . The fresh capital will be used to deepen Metafin's presence in existing markets, expand into new states, and strengthen its technology, credit, and service infrastructure. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin specialises in providing solar loans to small businesses and households in rural and semi-urban areas through a network of lending and installation partners. The company said it uses real-time energy data to facilitate scalable financing. Currently, Metafin is focussed on Uttar Pradesh and Bihar. With this funding, the company plans to expand into regions like Jharkhand, Chhattisgarh, Odisha, and Madhya Pradesh. Live Events 'Today, we have financed over 3,200 installations in 2,700 villages. The ambition now is to scale it up to about 10,000 installations and 8,000 villages across the states in which we are operating… This is largely carrying on to our strategy and theme around energy access in rural India,' cofounder Sandeep Chopra told ET. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories As of March, Metafin has an annual revenue run rate of Rs 22 crore and assets under management (AUM) worth Rs 81 crore. The company is also in talks with banks and other financing partners to further extend its lending services to its target user segment. In February 2024, Metafin raised $5 million in an equity funding round led by Prime Venture Partners and Varanium Capital. In a recent boost for the solar sector, the central government increased the budget for the Pradhan Mantri Surya Ghar Muft Bijli Yojana by 80% to Rs 20,000 crore for FY26. This increase is part of the government's major push for its flagship rooftop solar programme, announced last year. 'Metafin's technology-driven approach, along with their grassroots understanding of rural entrepreneurs and deep knowledge of credit underwriting, positions them as category leaders in the solar asset financing space,' said Nikhil Marwaha, senior executive director at Vertex Ventures Southeast Asia and India.