A new fundraising round led by Prime Venture Partners and Varanium Capital has brought $5 million to the clean tech focused non-banking finance company (NBFC) Metafin.
The money raised will go toward state expansion, loan book enhancement, technology, and IoT stack enhancement, and hiring new staff.
Chopra and Aditya Shah founded Metafin in 2019, and through its network of installers and lenders, it specializes in lending money for rooftop solar systems to small businesses in rural and semi-urban areas.
The startup wants to close the affordability gap in the market by offering over 5 million rural businesses access to power solutions.
With this fundraise, the Gurugram-based company, which is primarily focused on Uttar Pradesh and Bihar, hopes to delve deeper into these states and grow into Jharkhand and Rajasthan over the course of the following 12 months.
According to reports in the media, Metafin is in advanced discussions to work with banks and other financing partners to increase lending to this market.
As of right now, it has raised roughly $7 million in total funding, with $2.5 million in assets under management (AUM). In the upcoming year, it hopes to reach $12–15 million in AUM.
IFC, 9Unicorns, Unitus Capital, Harvard i-Labs, Venture Catalysts, and Smart Power India are among the partners who have supported Metafin.
