Metafin Raises $10M Series A From Vertex Ventures SEAI Leading Finance Platform
Metafin, a solar financing platform, announced on Tuesday that it raised $10 million in a Series A round, led by Vertex Ventures Southeast Asia and India. This round of funding, which includes equity and debt, also saw contributions from existing investors Prime Venture Partners and Varanium Capital, as well as financial institutions like Northern Arc and AU Small Finance Bank. As per Metafin Co-founder Aditya Shah, most of the funds raised were in equity, while a portion was raised through debt.
The startup will invest a good portion of the new money raised as growth capital to build its project pipeline from around 3,500 installations to around 10,000 over the next 12-18 months. A fraction of the money will also be used to add strength to its senior management ranks, while the rest will be used to upgrade the technology infrastructure of the company. Metafin's own IoT technology now tracks 1,100 of its plants every two seconds, delivering real-time energy consumption and operating status. The system also possesses the ability to remotely shut down plants in payment default situations.
The new funding will allow the company to implement a better data mining system, making its risk management tools stronger without depending solely on conventional techniques such as physical checks. Metafin mainly caters to micro, small, and medium enterprises (MSMEs) and rural families in India, having funded solar projects in more than 2,500 villages in Uttar Pradesh and Bihar. Today, Uttar Pradesh generates about 80-85% of the company's business, while Bihar generates around 10-12%. Co-founder Sandeep Chopra said the company aims to take operations to five new states by the year's end, targeting places with solar energy potential that are relatively unexplored, including Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh.
Shah added that the company became profitable in FY24 and anticipates staying so in FY25, as revenue has grown four times year-on-year. Metafin aims to triple its revenue over the next year, with a goal of breaking even while remaining profitable. “This funding marks a crucial milestone in our mission to democratize access to clean energy across Bharat,” Chopra and Shah stated. They looked forward to the opportunity to collaborate with Vertex in a stronger presence, more satisfied customers, and towards their vision of empowering a million rural solar consumers by 2030
The startup will invest a good portion of the new money raised as growth capital to build its project pipeline from around 3,500 installations to around 10,000 over the next 12-18 months. A fraction of the money will also be used to add strength to its senior management ranks, while the rest will be used to upgrade the technology infrastructure of the company. Metafin's own IoT technology now tracks 1,100 of its plants every two seconds, delivering real-time energy consumption and operating status. The system also possesses the ability to remotely shut down plants in payment default situations.
The new funding will allow the company to implement a better data mining system, making its risk management tools stronger without depending solely on conventional techniques such as physical checks. Metafin mainly caters to micro, small, and medium enterprises (MSMEs) and rural families in India, having funded solar projects in more than 2,500 villages in Uttar Pradesh and Bihar. Today, Uttar Pradesh generates about 80-85% of the company's business, while Bihar generates around 10-12%. Co-founder Sandeep Chopra said the company aims to take operations to five new states by the year's end, targeting places with solar energy potential that are relatively unexplored, including Chhattisgarh, Jharkhand, Odisha, and Madhya Pradesh.
Shah added that the company became profitable in FY24 and anticipates staying so in FY25, as revenue has grown four times year-on-year. Metafin aims to triple its revenue over the next year, with a goal of breaking even while remaining profitable. “This funding marks a crucial milestone in our mission to democratize access to clean energy across Bharat,” Chopra and Shah stated. They looked forward to the opportunity to collaborate with Vertex in a stronger presence, more satisfied customers, and towards their vision of empowering a million rural solar consumers by 2030
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