What Solfin does

Solfin operates a captive, RBI-registered Non-Banking Financial Company (Solfin Sustainable Finance Private Limited, formerly Dhanvikas Fiscal Services Private Limited, Certificate of Registration N-13.02269) that finances distributed solar assets for residential, housing society, and commercial & industrial (C&I) customers across India. The company has financed 1,697+ solar projects cumulatively, disbursed over ₹100 Crore in loans, supported 40MW+ of installed solar capacity, and operates across 265+ cities and 10+ states, primarily through a network of 1,200+ EPC partners, dealers, OEMs, and Direct Selling Agents (DSAs). It is backed by Waaree Energies Limited, India's largest solar manufacturer, and reached profitability in its first full year of operations before raising ₹280 Crore in May 2026.

Solfin's product suite includes the SUNOWN 1 (Standard) and SUNOWN 2 (Cashback) residential rooftop loan products priced at 7.2–7.9% flat, a Housing Society Rooftop Solar Loan up to ₹2 Crore at 15–16% reducing, a C&I Solar Loan up to ₹6 Crore at 14–18% reducing, a Performance Linked Lease (PLL) for C&I customers where Solfin absorbs generation, O&M, and insurance risk in exchange for per-unit payments, and a PAN-based Supply Chain Finance product for solar dealers. An EV Loan is announced as a forthcoming vertical. The technology stack is a digital-first loan origination system (LOS) with a proprietary AI-driven credit underwriting engine, automated KYC via V-CIP, UIDAI Aadhaar, DigiLocker, and the Central KYC Records Registry, bureau integrations with CIBIL/Experian/CRIF, and disbursement/collection rails across UPI, ACH, NEFT, and IMPS.

The revenue model is interest income on the solar loan book across residential, housing society, and C&I segments (7.2%–18% reducing, with permitted rates up to 36% p.a.), supplemented by processing fees (e.g., 1% + GST on SUNOWN 1), penal charges, foreclosure and prepayment fees, lease rental income from the PLL product, and interest on supply chain finance to dealers. Solfin reaches customers through a multi-channel GTM combining a self-serve digital funnel (solar calculator on solfin.co.in, SEO/SEM, YouTube content in English and Hindi), enterprise field sales for C&I deals up to ₹6 Crore, an EPC partner channel network, and a DSA partner network with city-level mapping across India. Marketing activity is anchored in partner-led referral (EPC Azaadi Rewards), earned media coverage of funding rounds, event participation (Green Finance Week India 2026), and LinkedIn-led leadership visibility.

Name

Solfin

Legal name

Solfin Sustainable Finance Private Limited (formerly known as Dhanvikas Fiscal Services Private Limited)

Website

https://solfin.co.in

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Solfin is an RBI-registered NBFC that finances distributed rooftop and C&I solar assets for Indian homeowners, housing societies, businesses, and solar dealers through SUNOWN loans, a Performance Linked Lease, and supply chain finance, distributed via a 1,200+ EPC and DSA partner network.

Ownership category

akta.pro rank

Product category

Solar Financing / Green NBFC Lending

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

Loan Brokers (6163), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment) (FSAKAAAK)

akta.pro secondary industry

Microenterprise Group Lending (Joint Liability) (FSAKAGAH)

Keywords

• Solar loan financing
• NBFC lending services
• Renewable energy finance
• Rooftop solar loans
• Green asset leasing

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Interest income on solar loans: Primary revenue stream from interest charged on residential rooftop, housing society, and commercial & industrial solar loans; rates range from 7.2%–7.9% flat for residential, 14%–18% reducing for C&I, and 15%–16% reducing for housing society, plus interest up to 36% p.a. permitted under loan policy. Interest accrues monthly or quarterly.
2. Loan processing and other fees: Processing fees (e.g., 1% processing fee + GST on SUNOWN 1 residential loan), foreclosure fees, pre-payment fees, switch charges, and other charges as deemed appropriate at sanctioning of loans. Direct expenses on loan origination and maintenance may also be recovered on a case-by-case basis.
3. Penal charges: Penal charges levied for non-compliance of material loan terms and non-payment of dues; capped and structured to be reasonable and non-discriminatory within a product category, not capitalized into interest.
4. Performance Linked Lease income: Lease rental income from Performance Linked Lease (PLL) product for C&I customers where customers pay only for actual solar generation; replaces traditional Capex loan flow for high-credit-grade commercial customers.
5. Supply chain finance interest: Interest earned on supply chain finance (working capital) loans extended to solar dealers and EPC partners based on pre-approved PAN-based limits; pan-India coverage.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels10 records

Core offering

Solfin is an RBI-registered Non-Banking Financial Company (NBFC) that provides end-to-end financing and leasing solutions for distributed solar and renewable energy projects across India. The company offers a modular suite of loan products including residential rooftop loans (SUNOWN 1 and SUNOWN 2), housing society loans, commercial and industrial (C&I) solar loans, a Performance Linked Lease (PLL/Solar Rentals), and supply chain finance for solar dealers and EPC partners, distributed through a network of over 1,200 EPC partners and a self-serve digital platform.

Product overview

Solfin operates a distributed green asset delivery and financing platform built on a captive NBFC (Solfin Sustainable Finance Private Limited, RBI Registration N-13.02269, backed by Waaree Energies), offering a modular suite of solar and clean-energy financing products rather than a single unified product. The core residential offering comprises two sub-products — SUNOWN 1 (Standard) and SUNOWN 2 (Cashback) — that compete on rate, cashback, and processing speed for individual homeowners. For community and commercial segments, Solfin offers the Housing Society Rooftop Solar Loan (up to ₹2 Cr) and Commercial & Industrial Solar Loan (up to ₹6 Cr) as separate modules. Beyond traditional Capex loans, the platform includes a Performance Linked Lease (PLL) — also marketed as Solar Rentals / Generation Linked Lease / Solar@Zero Risk — which lets C&I customers go solar with up to 30% upfront investment and pay only for actual generation, eliminating maintenance and performance risk. A Supply Chain Finance for Solar Dealers module provides instant PAN-based working capital to EPC partners, while an EV Loan is announced as a Coming Soon vertical expanding the platform beyond solar. The platform is delivered through an EPC Partner Program and DSA Partner Program (with an EPC Azaadi Rewards loyalty layer), supported by a self-service Solar Calculator and powered by a proprietary underwriting engine plus AI-driven credit assessment models that process CIBIL/Experian/CRIF bureau data, KYC documents (via UIDAI Aadhaar, DigiLocker, and CKYC Registry), and PAN/Aadhaar-based V-CIP verification.

Differentiator

Problem solved

Functional benefit

Products and services

• SUNOWN 1 (Standard Residential Solar Loan) Standard residential rooftop solar loan for individual homeowners financing on-grid rooftop solar installations; offers up to ₹10 Lakhs at 100% LTV, 7.9% flat rate (≈15% reducing), up to 5-year tenure, 1-month principal moratorium, and 1% processing fee + GST.
• SUNOWN 2 (Cashback Residential Solar Loan) Zero-cost residential rooftop solar loan for homeowners with 7.2% flat rate (≈12.8% reducing after 20% tenure-end cashback), 5-minute processing and instant approval, no processing fee, zero collateral, up to 5-year tenure, and up to 2-month principal moratorium.
• Housing Society Rooftop Solar Loan Community solar financing for housing societies and apartment complexes installing shared rooftop solar, with loans up to ₹2 Crores, up to 85% LTV, up to 5-year tenure, 15-16% reducing ROI, 1% flat processing fee, collateral-free, and prepayment allowed within 3 months for subsidy amount.
• Commercial and Industrial (C&I) Solar Loan Solar Capex loan for commercial and industrial enterprises installing rooftop or ground-mounted solar projects, with loan amounts up to ₹6 Crores, up to 90% LTV, and 14-18% reducing interest rates.
• Performance Linked Lease (PLL) / Solar Rentals Solar rental/lease product for C&I projects offering zero (or up to 30%) upfront investment, with customers paying only for actual solar generation; eliminates maintenance, performance, and insurance risk for the customer, who also retains depreciation benefits. Also marketed as Generation Linked Lease, Production Linked Lease, Solar@Zero Risk, and Solar Financial Lease.
• Supply Chain Finance for Solar Dealers Instant pre-approved working capital financing for solar dealers and EPC companies, verified via PAN number, with competitive rates, quick disbursement, dedicated relationship managers, flexible repayment schedules, and pan-India coverage.
• EPC Partner Program Partnership program for solar EPC contractors offering committed financing across Residential, C&I, and dealer working capital categories; provides fastest disbursal, coverage of all customer profiles with minimal documentation, end-to-end digital process, and lead/business expansion opportunities for empanelled partners. Trusted partners include Waaree, Hysun, Solarium, and Freyr Energy.
• DSA Partner Program Direct Selling Agent (DSA) partner enrollment program for local finance partners offering loan servicing, loan documentation, and loan sales activities, with city/area mapping, profile management, and experience tracking across multiple Indian states.
• Solar Calculator Self-service savings estimation tool that calculates potential savings for residential, commercial, and industrial solar projects across India in approximately 60 seconds, providing instant loan approval estimates based on location type, electricity consumption, sanctioned load, and rooftop area inputs.

Quantifiable outcome

• Over 50,000 tonnes of CO2 emissions reduced annually through financed solar adoption
• +5 more outcomes

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability8 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Waaree Dealers (network)coreChannel Partner/ Reseller/ DistributorWaaree dealer network forms a primary channel for distributing Solfin's C&I and residential solar loans, with explicit contest terms excluding C&I loans greater than INR 5 Lakhs originated by Waaree Dealers from the EPC AZAADI REWARDS contest. Closely tied to the Waaree Energies investment relationship and Waaree's solar panel ecosystem.
• HysunminorChannel Partner/ Reseller/ DistributorSolar EPC partner displayed as a 'Trusted Partner' logo on the Solfin EPC Partners page. Functions as an origination and installation partner in Solfin's distributed solar financing ecosystem.
• SolariumminorChannel Partner/ Reseller/ DistributorSolar EPC partner displayed as a 'Trusted Partner' logo on the Solfin EPC Partners page. Functions as an origination and installation partner within Solfin's distributed solar financing network.
• Freyr EnergyminorChannel Partner/ Reseller/ DistributorSolar EPC partner displayed as a 'Trusted Partner' logo on the Solfin EPC Partners page. Freyr Energy is a known Indian distributed solar energy company; functions as an origination and installation partner within Solfin's network.
• Google (Google Analytics & Google Tag Manager)coreTechnology or IntegrationSolfin uses Google Tag Manager and Google Analytics for website analytics, page view tracking, user interaction monitoring, audience research, services development, personalized advertising/content measurement, and precise geolocation data collection (per Cookie Policy). Data is stored on Google servers in the United States and other countries.
• TransUnion CIBIL Limited and other Credit Bureaus (Experian, CRIF)coreTechnology or IntegrationSolfin collects and processes credit-related information, scores, and reliability assessments from TransUnion CIBIL Limited, Experian, CRIF, and other credit bureaus as part of its CDD (Customer Due Diligence) and credit underwriting process. Customer consent is required for fetching credit reports for KYC and creditworthiness assessments.
• UIDAI / Central KYC Records Registry (CKYCR)coreTechnology or IntegrationSolfin integrates with UIDAI for Aadhaar-based e-KYC authentication (OTP-based and offline XML/QR), with the Central KYC Records Registry (CKYCR) for centralized KYC record sharing, and with DigiLocker for equivalent e-document validation. Required for RBI-mandated KYC compliance.
• Green Finance Week IndiaminorGTM or Marketing PartnerSolfin participated in the 2nd edition of Green Finance Week India 2026 at Jio Convention Center, an industry event honoring excellence in sustainable finance including the Green Finance Excellence Awards 2026 and Top CFO Awards. Functions as an industry networking, brand visibility, and recognition platform.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Fourth Partner Energy: Fourth Partner Energy is a leading Indian distributed solar EPC company that combines C&I and commercial rooftop solar installation with embedded financing solutions. Directly comparable to Solfin's integrated EPC-plus-finance model and its focus on distributed solar across India.
• Mufin Green Finance: Mufin Green Finance is an Indian NBFC focused on financing electric vehicles, solar, and other renewable-energy assets for retail and commercial customers. It is the closest comparable to Solfin in product mix (green asset loans), regulatory status (RBI-registered NBFC), and target customer segments across India.
• SunSource Energy: SunSource Energy is an Indian solar EPC and project development company offering distributed rooftop and C&I solar with associated financing options. Comparable to Solfin in combining solar installation services with in-house financing/leasing structures for commercial and industrial customers.
• Avaada Finance: Avaada Finance is the green-energy NBFC arm of the Avaada Group, focused on financing renewable-energy projects across India. It is a direct comparable to Solfin as a green NBFC serving similar renewable-energy borrowers with structured project and asset financing.
• Infigrid Energy: Infigrid Energy is an India-focused distributed renewable-energy platform providing rooftop solar solutions with embedded financing for residential, commercial, and industrial customers. Highly comparable to Solfin in target customer segments and the integrated solar-plus-finance model.

Broad incumbents

• Tata Capital: Tata Capital is a large Indian NBFC offering green and sustainable-finance products including solar loans across consumer and commercial segments. A broad incumbent that competes with Solfin on solar/green financing but as part of a much larger diversified lending portfolio.
• HDFC Bank: HDFC Bank is India's largest private-sector bank offering dedicated solar loan products for residential and C&I customers at concessional rates linked to government schemes. A broad incumbent competitor that overlaps with Solfin in the same end-customer base but with materially lower cost of capital and a far wider product portfolio.
• Bajaj Finance: Bajaj Finance is India's largest retail-focused NBFC with consumer durable and green-asset lending products. A broad incumbent competing with Solfin for residential rooftop solar borrowers, with substantially lower funding costs and broader product reach.
• Oxyzo Financial Services: Oxyzo is an Indian SME-focused NBFC offering working-capital and term loans including sustainable-finance products for small businesses. A broad incumbent comparable to Solfin on the supply-chain finance / SME lending side, though Oxyzo is not exclusively focused on solar.

Others

• Vayana Finance: Vayana Finance is an Indian supply-chain finance and embedded finance platform enabling financing flows between businesses, financiers, and technology platforms. Relevant adjacent peer to Solfin's supply-chain finance vertical for solar dealers, but operating as a platform/aggregator rather than a balance-sheet NBFC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Solfin
• Xx.com/solfin_india
• Facebookfacebook.com/profile.php

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solfin