Metafin, a solar financing platform, has raised $10 million in a Series A funding round led by Vertex Ventures Southeast Asia and India. The round also saw participation from existing investors Prime Venture Partners, Varanium Capital, and financial institutions, including Northern Arc and AU Small Finance Bank. The company plans to use the newly raised funds to deepen its presence in core markets, expand into new states, and strengthen its technology, credit, and service infrastructure.
A major portion of the funds will be allocated as growth capital to increase the number of installations from approximately 3,500 to about 10,000 projects within the next 12 to 18 months. The remaining funds will bolster the senior management team and enhance technological capabilities. Metafin’s proprietary IoT technology monitors 1,100 solar plants every two seconds, providing real-time data on energy consumption and operational status.
This technology also allows the company to switch off plants remotely if customers default on payments. The new funding will enable Metafin to develop better data mining systems, improving its risk management tools without relying solely on physical visits and conventional methods. The company has financed solar projects in 2,500 villages across Uttar Pradesh and Bihar.
Uttar Pradesh contributes about 80-85% of Metafin’s revenue, while Bihar accounts for about 10-12%.
Metafin secures $10M to scale operations
By the end of this year, Metafin plans to expand its presence to five additional states, including Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh, where solar energy has significant potential.
Co-founder Aditya Shah disclosed that the company turned profitable in FY24 and expects to maintain profitability in FY25. Metafin has witnessed a fourfold increase in revenue year-on-year and aims to triple its revenue over the next year to break even and sustain profitability. This raise marks a pivotal moment in our journey to democratize clean energy access across Bharat,” stated Shah and fellow Co-founder Sandeep Chopra.
“We’ve proven that lending in rural India is impactful but also scalable and profitable. We’re thrilled to welcome our new partners in this mission as we deepen our presence, delight more customers, and move closer to our vision of empowering 1 million rural solar users by 2030.”
Founded in 2019 by Sandeep Chopra and Aditya Shah, Metafin provides solar financing solutions to small businesses and households in rural and semi-urban India through a network of lending and installation partners. The company relies on real-time energy data to enable scalable financing and operates primarily in Uttar Pradesh and Bihar.
As of March 2025, the company reported an annual revenue run rate of INR 22 crore and assets under management (AUM) totalling INR 81 crore. It is also in discussions with banks and other financial partners to widen its lending offerings to its target segment. This follows an earlier USD 5 million (around INR 41 crore) equity raise in February 2024 from Prime Venture Partners and Varanium Capital.
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