Metafin Secures $10 Million to Expand Solar Financing in India

Metafin, a non-banking finance company specializing in solar loans for rural and semi-urban India, has raised $10 million in Series A funding led by Vertex Ventures Southeast Asia and India, with participation from Prime Venture Partners, Varanium Capital, Northern Arc, and AU Small Finance Bank. The funding, a mix of equity and debt, will be used to expand Metafin’s presence beyond its current operations in Uttar Pradesh and Bihar, targeting new states such as Jharkhand, Chhattisgarh, Odisha, and Madhya Pradesh. Metafin aims to increase its installations from roughly 3,200 to 10,000 across up to 8,000 villages, leveraging its technology-driven approach for scalable financing. The company’s proprietary IoT tech stack enables real-time monitoring of solar installations and supports robust risk management. The fundraising comes amid growing policy support for renewable energy in India and heightened investor interest in NBFCs serving underserved regions. Metafin also reported strong financial metrics, including a Rs 22 crore annual revenue run rate and Rs 81 crore in assets under management as of March 2025.