Polaris Smart Metering Private Limited has raised ₹710 crore (around $80 million) from British International Investment (BII) for its subsidiary Hooghly Smart Metering Private Limited.
The funding will be used to deploy over 2.2 million smart meters in West Bengal and expand Polaris’ advanced metering infrastructure (AMI) footprint.
Polaris, a portfolio company of I Squared Capital, provides end-to-end smart metering solutions, including manufacturing, deployment, communications infrastructure, and software platforms.
The company currently has an order book of around $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 1.6 million meters.
British International Investment is the UK’s development finance institution investing across emerging markets. In India, its portfolio includes companies like Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital. It recently also backed Ecofy in a $42 million Series B round.
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