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Funding · Financial Services

Solfin raises ₹280 Cr and turns profitable in first year

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Date
Company
Solfin Sustainable Finance
What it does
clean energy financing platform
Kind
Funding
Amount
₹280 Cr
Stage
Series A
Founded
December 2022
Sector
Financial Services

What they do

Solfin is a digital-first platform providing financing for clean energy projects in India, focusing on rooftop solar for residential, commercial, and…

What happened

The company raised ₹280 crore in fresh capital and achieved profitability within its first year of operations, highlighting strong growth and market demand

Why it matters

Solfin uses AI-driven credit models and a digital-first approach to reduce loan approval times and expand access to clean energy financing in Tier 2 and…

The details

  • Solfin Sustainable Finance raised ₹280 crore in a recent funding round and became profitable in its first year of operations.
  • The company is a digital-first non-banking financial company focused on clean energy financing, particularly for rooftop solar installations.
  • Solfin uses a proprietary underwriting engine and digital-first model to reduce residential solar loan approvals from weeks to days.
  • For commercial and industrial customers, the platform has brought loan turnaround times down to single-digit days.
  • Solfin has partnered with over 1,200 distribution partners, including EPCs, dealers, OEMs, and manufacturers.
  • The company plans to use the raised capital to invest in AI-driven credit models, portfolio monitoring, and geographic expansion into underpenetrated states.
  • Solfin aims to expand into new green financing products and adjacent customer segments beyond its current focus.

The bigger picture

  • India's energy transition is a major infrastructure opportunity, and Solfin is positioned to support it through fast, transparent financing.
  • The Indian government has set a target of 500 GW of non-fossil fuel capacity by 2030, creating a growing demand for clean energy financing.
  • Rooftop solar economics have crossed grid parity in most states, making clean energy more accessible and affordable for households and businesses.
  • Rising commercial electricity tariffs are pushing businesses to seek long-term energy cost certainty, increasing the need for clean energy financing.

About the business

  • Solfin provides financing for rooftop solar installations across residential, commercial, and industrial segments.
  • The company uses AI-driven credit models to assess risk and approve loans quickly, reducing the time required for loan approvals.
  • Solfin's digital-first model allows for fast and transparent financing, making clean energy more accessible to customers in Tier 2 and Tier 3 markets.
  • The platform partners with over 1,200 distribution partners, including EPCs, dealers, OEMs, and manufacturers, to scale its reach.
  • Solfin's focus on clean energy aligns with India's national goals of achieving 500 GW of non-fossil fuel capacity by 2030 and net-zero emissions by 2070.

What happens next

  • Solfin plans to expand into underpenetrated states and introduce new green financing products.
  • The company intends to enter adjacent customer segments beyond its current focus areas.
  • Further investments will be made in AI-driven credit models, portfolio monitoring, and collections capabilities.

The deal

Type
funding

Investors

  • Waaree Sustainable Finance (investor) — Part of the Waaree Group, one of India’s larger renewable energy conglomerates.

Founders

  • Gautam Kaushik, Co-Founder
  • Pramod Mahanta, Co-Founder

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