Metafin Secures $5 Million Funding to Drive Solar Adoption in Rural India

Feb 8, 2024 02:38 PM ET
  • Metafin, the solar finance startup, secures $5 million in funding to expand operations, enhance technology, and provide affordable power to rural businesses in India.

Solar finance startup Metafin has raised $5 million in equity funding led by Prime Venture Partners and Varanium Capital. The funding will be used to expand across states, grow its loan book, enhance its technology and IoT stack, and hire key talent. Metafin specializes in rooftop solar loans for semi-urban and rural MSMEs in India, aiming to provide affordable power to over 5 million rural businesses. The company combines its own NBFC capabilities with a network of lending partners and installers to offer comprehensive clean energy solutions. Metafin has enabled almost 1,000 installations, helping to avoid 147 million kilograms of CO2 emissions to date.

Metafin's approach to accelerating rooftop solar adoption and financing in rural India has received $5 million in equity funding led by Prime Venture Partners and Varanium Capital. The funds will be used to expand the company's operations, enhance its technology, and hire new talent. Metafin specializes in providing rooftop solar loans to semi-urban and rural MSMEs, aiming to address the market gap of providing affordable power to over 5 million rural businesses. The company combines its own capabilities with a network of lending partners and installers to offer comprehensive clean energy solutions. Metafin has already enabled almost 1,000 installations, helping to reduce CO2 emissions by 147 million kilograms.

How will Metafin use $5 million funding to accelerate rooftop solar adoption in rural India?

  • Metafin plans to use the $5 million funding to expand its operations across different states in rural India.
  • The funding will also be utilized to grow Metafin's loan book, allowing the company to provide more rooftop solar loans to semi-urban and rural MSMEs.
  • Metafin aims to enhance its technology and IoT stack, which will enable the company to offer more efficient and effective clean energy solutions to its customers.
  • With the funding, Metafin plans to hire key talent, including experts in the renewable energy sector, to further strengthen its team and capabilities.
  • The company's focus is on addressing the market gap and providing affordable power to over 5 million rural businesses in India.
  • Metafin's unique approach combines its own NBFC capabilities with a network of lending partners and installers, allowing it to offer comprehensive clean energy solutions to its customers.
  • The company has already facilitated nearly 1,000 rooftop solar installations, which have resulted in the avoidance of 147 million kilograms of CO2 emissions.
  • By expanding its operations and loan book, Metafin aims to accelerate rooftop solar adoption in rural India, contributing to the country's renewable energy goals and reducing carbon emissions.
Source:
saurenergy.com

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