Metafin, which has an industrial presence in the renewable energy sector since 2019, has recently announced securing $5 million in funding to boost the adoption of solar power in rural India. This massive investment is expected to have extensive implications for the country’s energy sector, particularly in remote areas where access to electricity has been a challenge.
Metafin, a company actively involved in the renewable energy sector, has facilitated nearly 1,000 solar installations in Uttar Pradesh and Bihar, totaling over 14 megawatts of capacity. Impressively, around 90 percent of these installations are off-grid systems, effectively replacing direct diesel consumption. According to Metafin, these initiatives have collectively contributed to averting approximately 147 million kilograms of carbon dioxide emissions up to the present date.
One of the primary benefits of solar energy adoption in rural areas is the significant reduction in carbon emissions. By replacing traditional fossil fuel-based energy sources with clean solar power. This transition will also reduce the reliance on expensive and unreliable diesel generators, offering a more sustainable and cost-effective alternative.
Metafin has raised capital with Prime Venture Partners, established in 2012, which is a pioneering venture capital fund that primarily focuses on early-stage investments. Notably, it has played a pivotal role in nurturing various successful fintech startups such as Niyo, KredX, OTO, Knight Fintech, Finagg, and Navadhan.
Varanium Capital has also played an important role in this deal, it operates as a prominent global asset management firm with assets under management (AUM) amounting to USD 1.4 billion. It manages a specialized fintech-focused fund and has made strategic investments in 14 startups to date. Major companies within its investment portfolio include Easebuzz, Bharat Housing Network, GetVantage, and Riskcovry.
Metafin believes in a clean energy future for India. Their goal is to provide access to world class clean technologies and smart financing solutions to retail customers for accelerating adoption across India. Metafin solves the upfront capital constraint for retail customers by offering flexible financing options, and also provide access to qualified technology partners and service providers
By using innovative technologies and local partnerships, Metafin aims to overcome logistical barriers and ensure the successful implementation of solar projects in remote regions.
