Polaris Smart Metering, an Indian company that provides smart metering solutions, has raised INR 710 crore (about US$80 million) in financing from British International Investment (BII) for its subsidiary, Hooghly Smart Metering.
This funding will be used to install over 22 lakh smart meters in West Bengal and expand the company’s advanced metering network.
“Smart meters play a crucial role in reducing losses, improving reliability and enabling better integration of renewable energy. This investment reflects our continued commitment to India’s green and energy efficient future,” said Shilpa Kumar, Managing Director and Head of India, BII.
“At Polaris, our ambition goes beyond meter installation — we are focused on enabling a more efficient, accountable, and financially resilient grid that can support India’s renewable energy ambitions and long-term energy transition,” said Yashraj Khaitan, Founder & CEO, Polaris
Polaris is supported by I Squared Capital and provides complete smart metering solutions. This includes making the meters, installing them, setting up communication systems, and offering software support.
The company has orders worth about $1.1 billion across states like Uttar Pradesh, West Bengal, and Manipur, covering around 7.5 million electricity meters.
Polaris is also working in smart gas metering, where it has about 1.6 million meters installed.
Under the government’s Revamped Distribution Sector Scheme, which has a budget of around ₹3 lakh crore, India plans to install 25 crore smart meters by 2027.
The company said that installing these meters in West Bengal will improve billing accuracy, increase efficiency, and bring more transparency for consumers. It will also help reduce power losses and support the use of renewable energy.
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