Mumbai-based Metafin raises $10 million in structured debt to expand rural solar financing in India

Mumbai-based solar financing platform Metafin has raised $10 million in structured debt from Lendable, as it looks to expand access to clean energy in rural India.

The funding has been provided through Lendable’s Transportation and Energy Fund and will be used to scale financing for solar energy systems aimed at households and micro, small and medium enterprises (MSMEs), particularly those currently reliant on diesel-powered solutions.

Metafin, founded in 2018 by Sandeep Chopra and Aditya Shah, focuses on enabling access to affordable solar power in underserved regions. The company said it has so far financed more than 6,500 solar projects across over 4,000 villages in five Indian states.

According to the firm, these installations have helped offset more than 30 million kilograms of carbon dioxide emissions and displaced approximately 11 million litres of diesel.

“Access to affordable financing remains one of the biggest barriers to clean energy adoption in rural India. This facility allows us to expand solar financing to thousands of small businesses and households that rely on expensive diesel today,” the co-founders said.

Metafin operates through a network of more than 1,000 local solar installers and offers integrated real-time energy monitoring, alongside a servicing arm that supports deployment and maintenance in rural markets.

Lendable said the investment aligns with its focus on backing scalable climate-focused businesses. “Metafin represents the type of scalable, technology driven climate focused business we aim to support through Lendable’s Transportation and Energy Fund,” said Maite Pina.