Polaris Smart Metering Private Limited, a provider of advanced smart metering solutions, has secured nearly $80 million (Rs 710 crore) in financing from British International Investment (BII) for its subsidiary Hooghly Smart Metering Private Limited.
The funding will be used to deploy 2.2 million smart meters in West Bengal, reinforcing the growing role of digital infrastructure in modernising India’s power distribution sector.
Polaris Smart Metering Private Limited is a portfolio company of global infrastructure manager company I Squared Capital – a global private equity fund focused on infrastructure with $40 billion+ assets under management.
Founded in 2010 in California by Yashraj Khaitan, Polaris offers end-to-end smart metering services, including manufacturing, installation, communication systems, and software support.
The company claims that it has executed smart metering projects in some of the toughest terrains in India including Ladakh, Kargil and Bihar and was the first private company in India to introduce smart prepaid metering for DISCOMs in a design, build, finance, own, operate, transfer (DBFOOT) model.
Polaris currently has an order book of approximately $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.
