In a significant move for the cleantech sector, MetaFin, a Gurugram-based NBFC focusing on clean energy solutions, has announced securing $5 million in equity funding from Prime Venture Partners and Varanium Capital. The funding round is aimed at fueling MetaFin’s expansion plans across states, boosting its loan book, enhancing technology and IoT capabilities, and augmenting its talent pool.
Sandeep Chopra, Founder and CEO of MetaFin, expressed enthusiasm about the impact their projects have on climate change and societal inclusion. The startup’s goal is to finance over 1 million cleantech projects within the next 5 years.
MetaFin has already made significant strides in the field, having financed over 1,000 cleantech installations in Uttar Pradesh and Bihar, with 90% being off-grid setups, resulting in a reduction of 147 million kilograms of CO2 emissions.
Co-founder Aditya Shah emphasized the challenges faced by retail-scale solar installations and MetaFin’s dedication to overcoming them. Their vision extends beyond mere financial assistance to actively empowering communities and contributing to carbon emissions reduction.
Established in 2019 by Sandeep Chopra and Aditya Shah, MetaFin specializes in offering solar power solutions to businesses and homeowners through its extensive network of lending and installer partners. The company aims to facilitate the transition from fossil fuels to cleaner energy sources, particularly focusing on rooftop solar loans for MSMEs, addressing the need for affordable power in rural areas.
Sanjay Swamy, Managing Partner at Priven Advisors, lauded MetaFin’s approach to addressing key obstacles in the solar sector and hailed their innovative solutions tailored for various MSMEs across India.
MetaFin’s journey has been supported by notable entities such as IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, and Smart Power India, reflecting widespread confidence in their mission and operations.
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