Metafin secures $10 million in debt from Lendable

The company will use the fresh capital to boost financing for solar energy solutions across rural India.

Metafin, which was founded by in 2019 by Sandeep Chopra and Aditya Shah, offers solar loans to small businesses and households in rural and semi-urban areas through a network of lending and installation partners.

The company says that it has financed more than 6,500 solar projects across more than 4,000 villages in five states.

In April last year, the company had secured $10 million in a mix of equity and debt led by Vertex Ventures Southeast Asia and India with participation from existing investors Prime Venture Partners and Varanium Capital. Financial institutions Northern Arc and AU Small Finance Bank also invested then.

Earlier this month, green financing startup Ecofy raised $42 million in a funding round co-led by British International Investment (BII) and Finnfund Digital Access Impact Fund I.