Polaris Raises $80 Million from BII to Expand Smart Metering in India
Polaris secures $80 million from British International Investment to deploy 2.2 million smart meters in West Bengal and expand its AMI footprint.
Tripti Srivastava 
Polaris has raised Rs 710 crore (approximately $80 million) from British International Investment to expand its smart metering operations, with funds earmarked for deploying over 2.2 million metres in West Bengal and scaling its advanced metering infrastructure across India.
The investment has been structured for Polaris’ subsidiary, Hooghly Smart Metering Private Limited, which will execute the rollout of more than 2.2 million smart meters in West Bengal. The funding is an important milestone in accelerating India’s push toward digital energy infrastructure and improving power distribution efficiency.
The capital infusion will support the expansion of advanced metering infrastructure (AMI), enabling real-time monitoring, improved billing accuracy, and enhanced grid management capabilities. The deployment is expected to strengthen state-level power utilities’ ability to manage consumption patterns and reduce technical and commercial losses.
Business Scale and Order Book
Polaris, a portfolio company, has built a substantial pipeline in India’s smart metering segment. The company currently holds an order book valued at approximately $1.1 billion, spanning projects across Uttar Pradesh, West Bengal, and Manipur.
These projects collectively cover around 7.5 million electric smart meters, reflecting strong demand for digitised energy solutions across multiple states. The company’s growing backlog highlights increasing adoption of smart metering as part of broader power sector reforms.
In addition to electricity metering, Polaris has expanded into smart gas metering, with an installed base of about 1.6 million metres. This diversification positions the company to capitalize on the broader transition toward smart utility infrastructure.
Polaris provides end-to-end smart metering solutions, covering manufacturing, deployment, communications infrastructure, and software platforms. Its vertically integrated model allows it to manage the full lifecycle of metering projects, from hardware production to data analytics and system integration.
The company designs its AMI solutions to support utilities in achieving operational efficiencies, reducing losses, and enabling data-driven decision-making. These capabilities are increasingly critical as India modernises its power distribution networks and integrates renewable energy sources.
The expansion funded by the latest investment is expected to further strengthen Polaris’ footprint in large-scale government and utility-led smart metering programmes.
Investor Strategy and Market Context
British International Investment, the UK’s development finance institution, focuses on supporting sustainable economic growth in emerging markets. Its investment in Polaris aligns with its strategy of backing infrastructure and climate-related initiatives that improve energy efficiency and access.
BII has an active portfolio in India, including investments in companies such as Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital. The institution has also recently backed Ecofy, a climate-focused non-banking financial company, which raised $42 million in a Series B round.
The latest investment reflects continued international interest in India’s energy transition and infrastructure modernisation efforts, particularly in areas such as smart grids and digital utilities.
India’s smart metering market has been expanding rapidly, driven by government initiatives aimed at improving the financial health of power distribution companies. Smart meters play a central role in reducing aggregate technical and commercial losses, improving billing efficiency, and enabling pre-paid and remote monitoring capabilities.
The deployment of millions of smart meters across states is part of a broader effort to digitise the power sector and enhance transparency in energy consumption. Projects such as those undertaken by Polaris contribute to these national objectives by providing scalable and technology-driven solutions.
With a strong order book and new funding in place, Polaris is positioned to play a key role in the ongoing transformation of India’s utility infrastructure, as demand for smart metering solutions continues to grow across both electricity and gas segments.
