Metafin raises $10 Mn in Series A round led by Vertex Ventures

Cleantech-focused NBFC Metafin has raised $10 million (around Rs 85 crore) in its Series A round led by Vertex Ventures Southeast Asia and India, a subsidiary of Temasek. 

Northern Arc, AU Small Finance Bank, Prime Venture Partners, and Varanium Capital have also participated.

This funding follows Metafin’s $5 million pre-Series A round in February 2023. 

The proceeds will be used to grow its business, complete 10,000 solar installations in rural areas, strengthen its tech stack, and expand its senior leadership team. 

Established in 2018 by Aditya Shah and Sandeep Chopra, Metafin provides financing solutions for rural customers installing clean energy products like rooftop solar panels, electric vehicles, and solar pumps.

The company claims to have partnered with around 600 solar installers and enabled 2,600 solar projects. Metafin plans to expand into six to seven new states, including Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh, by the end of 2025.

The investment comes amid rising interest in NBFCs as India's lending tech market is expected to reach a $1.3 trillion opportunity by 2030. Last week, Madhya Pradesh-based non-banking financial company (NBFC) Finodaya Capital raised $2.5 million in its seed round, led by White Venture Capital.