Polaris Smart Metering Private Limited has raised Rs 710 crore, approximately $80 million, in financing from British International Investment (BII) for its subsidiary, Hooghly Smart Metering Private Limited. The investment will be used to expand smart meter deployment in West Bengal and strengthen the company’s presence in India’s growing digital energy infrastructure market.
The latest funding marks a significant step for Polaris as utilities across India continue shifting toward modern metering systems designed to improve efficiency, billing accuracy, and energy management.
Focus on 2.2 Million Smart Meters
According to the company, the fresh capital will support the installation of more than 2.2 million smart meters in West Bengal. It will also help Polaris expand its advanced metering infrastructure (AMI) footprint.
AMI systems are a key part of next-generation utility networks. They allow two-way communication between utilities and consumers, enabling real-time data collection, remote monitoring, faster issue detection, and improved operational control. These systems are increasingly being adopted by electricity providers seeking to modernize distribution networks and reduce losses.
The West Bengal rollout is expected to be an important addition to the state’s utility modernization efforts, where digital metering can help improve service delivery and network visibility.
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End-to-End Smart Metering Capabilities
Polaris Smart Metering is an I Squared Capital portfolio company focused on integrated smart metering solutions. The company provides a full range of services across the metering value chain.
Its offerings include smart meter manufacturing, project deployment, communications infrastructure, and software platforms. This end-to-end model allows Polaris to support utility companies from initial installation to long-term operations and data management.
As utilities increasingly look for complete technology partners rather than standalone hardware suppliers, integrated service providers such as Polaris are gaining strategic importance in the sector.
Strong Order Pipeline Across Multiple States
Polaris currently has an order book of around $1.1 billion. These projects span key Indian states including Uttar Pradesh, West Bengal, and Manipur.
The company’s active pipeline covers a total of 7.5 million electric meters, reflecting strong demand for smart grid and digital utility solutions. Large order books also indicate the pace at which public utilities are moving toward advanced metering systems under broader power sector modernization plans.
With multiple projects already underway, the latest financing could help Polaris scale execution capacity while supporting future expansion opportunities.
Presence Beyond Electricity Metering
In addition to electric metering, Polaris also operates in the smart gas metering segment. The company currently manages 1.6 million gas meters, showing its broader presence across utility digitization.
The gas metering market is gaining relevance as utilities seek better monitoring, automated readings, and more efficient consumption management. By operating across both electricity and gas segments, Polaris has positioned itself as a wider infrastructure technology player rather than a single-category metering company.
BII Expands Infrastructure and Climate-Focused India Portfolio
British International Investment, the UK’s development finance institution, invests in businesses across emerging markets. In India, BII has backed several companies across sectors such as mobility, fintech, and financial services.
Its Indian portfolio includes Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital. The institution has also remained active in climate-linked investments. It recently invested in Ecofy, a climate-focused non-banking financial company, which raised $42 million in a Series B funding round.
The investment in Polaris aligns with BII’s broader strategy of supporting sustainable infrastructure, financial inclusion, and economic development in high-growth markets.
Rising Demand for Smart Utility Networks
India’s push toward smarter power infrastructure has created strong momentum for metering technology companies. Smart meters are seen as an important tool for improving billing transparency, reducing distribution losses, enabling prepaid systems, and helping consumers track usage more effectively.
With fresh funding in place and a sizeable project pipeline already secured, Polaris appears well positioned to benefit from the next phase of utility digitization in the country.
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