Polaris Smart Metering has secured Rs 710 crore (around $80 million) in funding from British International Investment (BII) to accelerate its smart metering expansion in India.
Key Highlights
- Polaris raises Rs 710 crore from BII to expand smart metering and energy infrastructure in India
- Funding will support deployment of 2.2 million smart meters and strengthen AMI network in West Bengal.
The funding has been routed to its subsidiary, Hooghly Smart Metering Private Limited, and will be used to deploy over 2.2 million smart meters in West Bengal while strengthening its advanced metering infrastructure (AMI) network.
The funding will support large-scale deployment of smart meters, a key component in modernising India’s power distribution ecosystem. The expansion is expected to improve billing efficiency, reduce energy losses, and enhance transparency for consumers.
Polaris, an I Squared Capital portfolio company, currently has an order book of around $1.1 billion, covering projects across Uttar Pradesh, West Bengal, and Manipur. The company is working on deploying approximately 7.5 million electric meters and has also expanded into smart gas metering, managing around 1.6 million meters.
Polaris provides comprehensive smart metering solutions, including manufacturing, installation, communications infrastructure, and software platforms. Its integrated approach positions it as a key player in India’s ongoing energy transition.
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British International Investment is the UK’s development finance arm, investing in high-growth businesses across emerging markets. In India, its portfolio includes companies such as Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital.
