Solar financing platform Metafin has raised $10 million in a Series A funding round led by Vertex Ventures Southeast Asia and India. The round, comprising both equity and debt, also saw participation from existing investors Prime Venture Partners and Varanium Capital, along with financial institutions such as Northern Arc and AU Small Finance Bank. According to Co-founder Aditya Shah, the majority of the capital raised is in equity, with a smaller debt portion.
Founded by Aditya Shah and Sandeep Chopra, the company blends financial innovation with technology to bridge the energy gap in underserved regions. With a proprietary IoT-based tech stack that enables real-time monitoring and remote control of solar installations, Metafin ensures operational efficiency and payment compliance. Under the leadership of Shah and Chopra, the company has rapidly scaled its operations, financing solar projects across thousands of villages and contributing to India’s green energy transition.
Metafin plans to use most of the funds as growth capital to expand its portfolio from approximately 3,500 to 10,000 solar installations over the next 12 to 18 months. A portion of the investment will also go toward strengthening its senior leadership team and enhancing its proprietary technology stack.
Currently, Metafin’s IoT-based tech system monitors over 1,100 plants every two seconds, providing real-time data on energy consumption and system performance. The platform also has remote control capabilities, including shutting down installations in case of payment defaults.
Metafin plans to leverage the newly raised funds to develop an advanced data mining system aimed at improving its risk management capabilities, reducing reliance on traditional methods like physical visits. The company primarily serves micro, small, and medium enterprises (MSMEs) and rural households across India. So far, it has financed solar projects in over 2,500 villages in Uttar Pradesh and Bihar.
Currently, Uttar Pradesh contributes approximately 80–85% of Metafin’s revenue, while Bihar accounts for around 10–12%. The company is set to expand into five additional states by the end of the year, targeting underpenetrated regions with high solar energy potential such as Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh.
Metafin achieved profitability in FY24 and aims to maintain this trajectory in FY25. The company has recorded a 4X increase in annual revenue and plans to triple that figure in the coming year while staying profitable.
“This raise marks a pivotal moment in our journey to democratise clean energy access across Bharat,” said Chopra and Shah in a statement.
They added, “We’ve proven that solar lending in rural India is not only impactful but also scalable and profitable. We’re thrilled to welcome Vertex as a partner 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.”
Backed by leading investors including Vertex Ventures Southeast Asia and India, Metafin is well-positioned to accelerate its mission of democratizing access to solar energy in rural and underserved markets. With fresh capital, a strong leadership team, and a technology-first approach, the company aims to deepen its impact, expand across new geographies, and set new benchmarks in solar financing and energy inclusion.
