Polaris Smart Metering Private Limited has raised Rs 710 crore (around $80 million) in financing 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 is an I Squared Capital portfolio company providing 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 with 1.6 million meters.
British International Investment is the UK's development finance institution that invests in businesses across emerging markets. In India, its portfolio includes Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital. It recently invested in Ecofy, a climate-focused NBFC, which raised $42 million in a Series B round.