The financing will drive the rollout of over 2.2 million smart meters in West Bengal, expanding Polaris’ advanced metering infrastructure (AMI) footprint and reinforcing its role in India’s energy transition.
Polaris Smart Metering Pvt. Ltd, an I Squared Capital portfolio company and one of India’s leading integrated smart metering and digital energy infrastructure players, has announced that it has secured financing of nearly $80 million from British International Investment (BII), the UK’s development finance institution and impact investor, for its subsidiary Hooghly Smart Metering Pvt. Ltd.
The financing will support the deployment of more than 2.2 million smart meters in West Bengal, strengthening Polaris’ advanced metering infrastructure (AMI) footprint and contributing to India’s broader energy transition agenda.
India’s power distribution sector is undergoing a critical transformation as the country works toward building a cleaner, more efficient, and digitally enabled energy future. Distribution utilities continue to face structural challenges, including high aggregate technical and commercial (AT&C) losses, operational inefficiencies, and the growing need to modernise infrastructure to support renewable energy integration.
To address these challenges, the Centre launched the Revamped Distribution Sector Scheme (RDSS) with an outlay of approximately ₹3 trillion ($35 billion). A key pillar of the scheme is the nationwide rollout of AMI, with a target of installing 250 million smart meters by 2027.
Yashraj Khaitan, Founder and CEO of Polaris, said, “This financing marks an important milestone in Polaris’ journey to help build a smarter, more transparent, and future‑ready power distribution ecosystem for India. It will strengthen our AMI deployment in West Bengal and further reinforce our commitment to investing in technology, execution capability, and manufacturing scale.”
Shilpa Kumar, Managing Director and Head of India, British International Investment, added, “Smart meters play a crucial role in reducing losses, improving reliability and enabling better integration of renewable energy. This investment reflects our continued commitment to India’s green and energy‑efficient future.”
The deployment in West Bengal is expected to support utilities in improving billing accuracy, operational efficiency, and consumer transparency at scale. The smart meter rollout will also help improve grid efficiency, reduce distribution losses, and enable better integration of renewable energy into the power system, helping build a more resilient, reliable, and sustainable distribution network.
Polaris is a homegrown, integrated smart metering solutions provider delivering end‑to‑end AMI capabilities across meter manufacturing, deployment, communications infrastructure, and software platforms.