Solfin Sustainable Finance, the clean-energy financing platform backed by Waaree Energies Limited, has raised ₹280 crore in a recently closed funding round and reported profitability within its first full year of operations, marking a significant milestone for the early-stage NBFC sector.

Founded in December 2022 by Gautam Kaushik and Pramod Mahanta — both former American Express executives — Solfin is a distributed green-asset delivery and financing platform with a captive NBFC, focused on accelerating clean-energy adoption across India.

The company was established with the aim of addressing one of the biggest barriers in India’s energy transition: access to affordable and efficient financing for clean-energy solutions. Solfin provides financing support for residential rooftop solar, commercial and industrial renewable energy projects, and other distributed green-energy assets.

The fundraising comes amid accelerating momentum in India’s renewable energy sector. The country has committed to achieving 500 GW of non-fossil fuel capacity by 2030 and net-zero emissions by 2070, while government initiatives such as the PM Surya Ghar Muft Bijli Yojana are expanding the residential solar market.

Industry trends, including rising electricity tariffs and improving rooftop solar economics, are also driving businesses and households toward renewable energy adoption. However, access to fast and well-structured financing continues to remain a key challenge for the sector.

Solfin said its proprietary underwriting engine and digital-first operating model have helped significantly reduce financing timelines. Residential loan approvals, which traditionally took weeks, are now processed within days, while commercial and industrial financing turnaround times have been brought down to single-digit days without compromising portfolio quality.

The company’s distribution ecosystem currently includes more than 1,200 partners comprising EPC firms, dealers, OEMs, and manufacturers, including collaborations with Waaree Energies Limited. Solfin said the network has enabled deeper penetration into Tier 2 and Tier 3 markets, broadening access to clean-energy financing beyond major urban centres.

“India’s energy transition is the largest infrastructure opportunity of our generation, but it will only move at the speed of its financing,” said Gautam Kaushik and Pramod Mahanta, Co-Founders of Solfin. “We built Solfin to remove the friction from that financing — so that a homeowner in a Tier 3 town, a factory owner in an industrial cluster, and a national EPC can all access capital on the same fast, transparent, technology-led terms.”

According to the company, the newly raised capital will be used to strengthen AI-driven credit assessment models, enhance portfolio monitoring and collections, expand geographically into underpenetrated states, launch new green-financing products, and enter adjacent customer segments.

As India’s distributed renewable energy market continues to expand, Solfin is positioning itself as a key enabler of financing infrastructure supporting the country’s long-term clean-energy transition.

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