Metafin
8 known investors
Metafin provides financing for off-grid solar energy adoption in rural India, working with local installers and EPCs to fund solar projects for micro-businesses and households. It offers tailored loans and fast approvals to help rural customers replace diesel with solar power, operating across Uttar Pradesh, Bihar, Orissa, Jharkhand, Chhattisgarh, and Madhya Pradesh.
Investors · 8
Also in the syndicate · 4
Company profile
researched Aug 2026Metafin is an India-based cleantech-focused non-banking financial company (NBFC) that finances off-grid solar installations for rural micro, small and medium enterprises and households. It works through a network of local installers and EPC partners, providing loans with fast approvals so that customers can replace diesel-powered equipment with solar systems and installers can close and execute more projects.
The company describes itself as operating India's largest off-grid rural solar portfolio and states that it collaborates with more than 700 local installers. Its stated impact focus includes reducing carbon emissions, raising customer incomes, expanding access to finance, and lending to priority sector lending (PSL) and women borrowers. As of April 2025, Metafin had financed solar projects across roughly 2,500 villages in Uttar Pradesh and Bihar, with Uttar Pradesh contributing about 80-85% of top line and Bihar about 10-12%.
Business model
Metafin lends to rural customers - primarily MSMEs and households - for the purchase and installation of off-grid solar systems, originating loans through partner installers and EPCs who use the availability of credit to close sales. The lending book is funded with a mix of equity and debt, including facilities from financial institutions such as Northern Arc and AU Small Finance Bank.
Revenue comes from financing rural off-grid solar projects as an NBFC. Co-founder Aditya Shah stated the company turned profitable in FY24 and expected to remain profitable in FY25, with revenue up 4x year-on-year and a goal of tripling revenue over the following year.
Traction
As of April 2025, Metafin had about 3,500 installations and financed projects across roughly 2,500 villages in Uttar Pradesh and Bihar, monitored 1,100 plants via its IoT stack, and worked with 700+ installer partners. It targeted growth to about 10,000 projects within 12-18 months and stated a vision of serving 1 million rural solar users by 2030. The company reported profitability in FY24 and 4x year-on-year revenue growth.
Latest developments
In April 2025 Metafin announced a $10 million Series A round of equity and debt led by Vertex Ventures Southeast Asia and India, with existing investors Prime Venture Partners and Varanium Capital and lenders Northern Arc and AU Small Finance Bank participating. Proceeds are being applied to growth capital for scaling the loan book, senior management hiring, and technology development. Co-founder Sandeep Chopra said the company would enter five more states by end of that year.
▸Full profile — market position, technology, go-to-market, geography, history
Market position
Positioned as a cleantech-focused NBFC specialising in off-grid rural solar lending in India, claiming the country's largest off-grid rural solar portfolio and targeting states with high solar potential but low penetration.
Combines rural distribution via local installers with in-house IoT monitoring of financed solar plants, including remote shut-off for defaulting borrowers, and uses plant-level data for underwriting and risk management rather than relying solely on physical field visits.
Technology
Metafin operates a proprietary IoT technology stack that monitored 1,100 of its solar plants at two-second intervals as of April 2025, generating data on energy consumption and equipment status, and allowing remote shut-off of plants in the event of payment default. Part of its Series A proceeds is earmarked for expanding the tech stack and building a data-mining system to support risk management tools that reduce reliance on physical visits and conventional assessment methods.
Go-to-market
Distribution is intermediated through a network of over 700 trusted local installers and EPCs, who are supported with swift loan approvals to help close sales; the company also runs direct enquiry channels for installers, customers and partners on its website.
Rural micro-businesses, micro, small and medium enterprises, and households in India, including diesel-dependent operations such as flour mills (atta chakkis); local solar installers and EPCs act as origination partners.
Geography
India. Operations span Uttar Pradesh, Bihar, Odisha (Orissa), Jharkhand, Chhattisgarh and Madhya Pradesh, with Uttar Pradesh accounting for about 80-85% of top line and Bihar about 10-12% as of April 2025; expansion into five additional states was planned for 2025.
History
Metafin raised $5 million from Prime Venture Partners, announced in February 2024, followed by a $10 million Series A led by Vertex Ventures Southeast Asia and India announced in April 2025. It is led by co-founders Sandeep Chopra and Aditya Shah.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 3
launches, deals, and filingsMix of equity and debt, with equity forming the bulk; funds allocated to growth capital to expand from ~3,500 installations to ~10,000 projects in 12-18 months, senior management hiring and technology development.
$10M source ↗
Co-founder Sandeep Chopra said Metafin would expand into five more states by the end of 2025, evaluating relatively unpenetrated solar markets including Chhattisgarh, Jharkhand, Odisha and Madhya Pradesh.
$5M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Metafinmetafin.in · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Metafin do?
- Indian NBFC financing off-grid solar for rural micro-businesses and households through a network of local installers.
- Who are Metafin's investors?
- Metafin's investors include Peak Sustainability Ventures, Varanium NexGen, Vertex Ventures Sea Management Pte. Ltd., Prime Venture Partners.