The Temasek affiliate Vertex Ventures Southeast Asia and India is leading the $10 million (about Rs. 85 crore) Series A investment of cleantech company NBFC Metafin.
Varanium Capital, Prime Venture Partners, Northern Arc, and AU Small Finance Bank have also taken part.
This investment comes after Metafin's February 2023 $5 million pre-Series A round.
The money raised will be utilized to develop its business, increase its tech stack, add more senior leadership, and finish 10,000 solar systems in rural areas.
Aditya Shah and Sandeep Chopra founded Metafin in 2018 to offer financing options to rural clients installing clean energy equipment such as solar pumps, electric cars, and rooftop solar panels.
According to the company, it has enabled 2,600 solar projects and worked with about 600 solar professionals. By the end of 2025, Metafin intends to have expanded into six or seven new states, including Madhya Pradesh, Jharkhand, Odisha, and Chhattisgarh.
With India's loan tech sector predicted to reach a $1.3 trillion opportunity by 2030, the investment coincides with growing interest in NBFCs. White Venture Capital led the $2.5 million seed round that Madhya Pradesh-based Finodaya Capital, a non-banking financial corporation (NBFC), raised last week.
