VC Fund Investments
Solar financing platform Metafin bags $10-M in Series A led by Vertex Ventures
Mumbai-headquartered solar financing platform Metafin Cleantech Finance Pvt Ltd has raised USD 10 million in a Series A funding round led by Vertex Ventures Southeast Asia and India. The round also saw participation from existing investors Prime Venture Partners and Varanium Capital, as well as financial institutions Northern Arc and AU Small Finance Bank. The bulk of the funding raised was equity with a smaller debt component.The startup will use a major portion of the raised funds to grow its book from about 3,500 installations to about 10,000 projects in the next 12 to 18 months. It will also divert a smaller portion of the fund to bolster its senior management team, and the remaining portion to grow the company’s tech stack.Metafin primarily services the micro, small, and medium enterprises (MSMEs) and rural households. It claims to have provided financing for solar projects across 2,500 villages in Uttar Pradesh and Bihar.The company is evaluating opportunities in states where there is scope for solar energy and is relatively unpenetrated, such as Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh.
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