Polaris Smart Metering Secures Significant Funding

Polaris Smart Metering Private Limited has successfully raised Rs 710 crore (approximately $80 million) from British International Investment (BII) to enhance its subsidiary, Hooghly Smart Metering Private Limited. This funding is aimed at the implementation of over 2.2 million smart meters across West Bengal, which will contribute to the expansion of Polaris’ advanced metering infrastructure (AMI).

About Polaris Smart Metering

Polaris is part of the I Squared Capital portfolio and offers comprehensive smart metering solutions that encompass manufacturing, deployment, communication infrastructure, and software platforms. Currently, the company boasts an order book worth around $1.1 billion, which includes projects in Uttar Pradesh, West Bengal, and Manipur, with a total of 7.5 million electric meters accounted for. Additionally, Polaris is also active in the smart gas metering sector, managing 1.6 million meters.

Role of British International Investment

British International Investment serves as the UK’s development finance institution, making investments in enterprises within emerging markets. Its portfolio in India features prominent names such as Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital. Notably, it recently invested in Ecofy, a climate-focused non-banking financial company (NBFC), raising $42 million in a Series B funding round.