Polaris Smart Metering Secures USD 80 Mn from BII
The funding will support the deployment of more than 2.2 million smart meters in West Bengal and help expand Polaris’ advanced metering infrastructure (AMI) network in the region.
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Polaris Smart Metering Private Limited has raised INR 710 crore (around USD 80 million) in financing from British International Investment (BII) for its subsidiary, Hooghly Smart Metering Private Limited.
The funding will support the deployment of more than 2.2 million smart meters in West Bengal and help expand Polaris’ advanced metering infrastructure (AMI) network in the region.
Polaris Smart Metering, previously known as Gram Power, is an energy technology company focused on improving access to electricity. It was founded in 2010 in California by Yashraj Khaitan and has been involved in developing smart microgrids and metering systems in India, particularly in areas with limited power access.
The company, which is part of the I Squared Capital portfolio, offers end-to-end smart metering services, including manufacturing, installation, communication systems, and software support.
Polaris currently has an order book of approximately USD 1.1 billion, covering projects across Uttar Pradesh, West Bengal, and Manipur, with a total of 7.5 million electric meters. It also operates in the smart gas metering segment, managing around 1.6 million meters.
British International Investment, the UK’s development finance institution, invests in businesses across emerging markets. In India, its portfolio includes Ather Energy, ZestMoney, KreditBee, Veritas Finance, U GRO Capital, and Ecofy.
Polaris Smart Metering Private Limited has raised INR 710 crore (around USD 80 million) in financing from British International Investment (BII) for its subsidiary, Hooghly Smart Metering Private Limited.
The funding will support the deployment of more than 2.2 million smart meters in West Bengal and help expand Polaris’ advanced metering infrastructure (AMI) network in the region.
Polaris Smart Metering, previously known as Gram Power, is an energy technology company focused on improving access to electricity. It was founded in 2010 in California by Yashraj Khaitan and has been involved in developing smart microgrids and metering systems in India, particularly in areas with limited power access.
The company, which is part of the I Squared Capital portfolio, offers end-to-end smart metering services, including manufacturing, installation, communication systems, and software support.
Polaris currently has an order book of approximately USD 1.1 billion, covering projects across Uttar Pradesh, West Bengal, and Manipur, with a total of 7.5 million electric meters. It also operates in the smart gas metering segment, managing around 1.6 million meters.
British International Investment, the UK’s development finance institution, invests in businesses across emerging markets. In India, its portfolio includes Ather Energy, ZestMoney, KreditBee, Veritas Finance, U GRO Capital, and Ecofy.
