Polaris Smart Metering Private Limited has finalized a $80 million (₹710 crore) funding round from British International Investment (BII), the UK’s development finance institution. The capital is specifically earmarked for Polaris’ subsidiary, Hooghly Smart Metering Private Limited, to modernize energy infrastructure in eastern India.
Expanding the West Bengal Grid
The primary objective of this investment is the rollout of over 2.2 million smart meters across West Bengal. This initiative aims to strengthen the state’s Advanced Metering Infrastructure (AMI), providing more accurate data for utilities and more transparent billing for consumers.
Polaris, a portfolio company of I Squared Capital, manages the entire lifecycle of smart metering, including:
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Hardware: Domestic manufacturing of meters.
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Infrastructure: Building dedicated communication networks.
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Software: Operating data management platforms for real-time monitoring.
Scale of Operations
With this latest infusion of capital, Polaris continues to scale its presence in the Indian market. The company currently manages an order book valued at approximately $1.1 billion, representing a total of 7.5 million electric meters across West Bengal, Uttar Pradesh, and Manipur.
Beyond electricity, Polaris has secured a significant footprint in the gas sector, managing 1.6 million smart gas meters.
BII’s Growing India Portfolio
This investment marks another step in BII’s strategy to support essential infrastructure and climate-conscious business models in emerging markets. Polaris joins a diverse list of BII-backed Indian firms, including Ather Energy, KreditBee, and the climate-focused NBFC, Ecofy.
“The funding will be instrumental in deploying smart meters at scale, enhancing operational efficiencies for utilities and promoting sustainable energy consumption,” the company stated regarding the deployment goals.
By: Sandhya Bharti
