Polaris Smart Metering Secures $80 Million in BII Financing to Accelerate India’s Smart Meter Rollout in West Bengal

Landmark financing to support the deployment of over 2.2 million smart meters, advancing India’s energy transition and digital infrastructure goals

New Delhi, India, 2026-05-01 — /EPR Network/ — Polaris Smart Metering Pvt. Ltd, an I Squared Capital portfolio company and one of the leading smart metering companies in India and digital energy infrastructure companies, has announced the successful closure of approximately $80 million in financing from British International Investment (BII), the UK’s development finance institution and impact investor.

The financing has been secured for Hooghly Smart Metering Pvt. Ltd, a subsidiary of Polaris, and will drive the deployment of more than 2.2 million smart meters across West Bengal. The deal represents a significant milestone for Polaris as it continues to expand its advanced metering infrastructure (AMI) footprint across India and reinforces its position as a leading player in the country’s energy sector transformation.

India’s Smart Metering Imperative

India’s power distribution sector stands at a critical inflection point. Despite significant progress in electricity access over the past decade, distribution utilities across the country continue to grapple with deep-rooted structural challenges. High aggregate technical and commercial (AT&C) losses, which translate directly into revenue shortfalls for utilities and service quality gaps for consumers, remain one of the most pressing problems in the sector. Operational inefficiencies and the growing complexity of integrating renewable energy into distribution networks have intensified the need for modernisation. 

Recognising the scale and urgency of these challenges, the Government of India launched the Revamped Distribution Sector Scheme (RDSS) with an outlay of approximately ₹3 trillion. The scheme targets a comprehensive modernisation of the distribution sector, with advanced metering infrastructure at its core. The national target is the installation of 250 million smart meters by 2027 (one of the largest metering rollout programmes in the world).

The West Bengal deployment announced today is a direct contribution to this national programme. With over 2.2 million meters to be deployed through Hooghly Smart Metering, Polaris is adding significant scale to its already substantial AMISP footprint across India.

The Significance of the BII Partnership

The financing from British International Investment carries weight beyond the capital itself. BII’s mandate as the UK’s development finance institution is to support businesses that deliver sustainable economic growth and climate outcomes across Africa and Asia. Its decision to finance this deployment reflects both confidence in Polaris as an operator and recognition of smart metering as a foundational enabler of India’s clean energy transition.

Smart meters are not simply billing devices. At scale, they provide utilities with real-time visibility into consumption patterns, enable faster fault detection, support demand-side management, and create the data infrastructure that makes renewable energy integration practical. Every smart meter deployed reduces the information gap between the utility and the consumer.

Leadership Perspectives

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.”

Khaitan founded the company in 2010 following direct experience working on energy access challenges in rural Rajasthan and Uttar Pradesh. That ground-level understanding of India’s energy infrastructure has shaped the company’s approach to building solutions that are practical, field-tested, and designed for the realities of Indian grid conditions rather than laboratory benchmarks.

Shilpa Kumar, Managing Director and Head of India at 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.”

Expected Impact of the West Bengal Deployment

The deployment of over 2.2 million smart meters in West Bengal through Hooghly Smart Metering is expected to deliver a range of measurable outcomes for both the utility and consumers across the state.

For utilities, the transition to smart metering means significantly improved billing accuracy, faster identification of theft and losses, and the ability to manage the distribution network with real-time data rather than periodic manual readings. The reduction in AT&C losses that typically follows large-scale AMI deployment translates directly into improved financial sustainability for distribution companies.

For consumers, smart metering brings transparency. Accurate bills, consumption visibility, and the ability to monitor usage in real time represent a meaningful improvement in the service relationship between utilities and the households and businesses they serve.

At the grid level, the West Bengal deployment contributes to the broader goal of building a distribution infrastructure capable of absorbing increasing shares of renewable energy. As India’s renewable capacity continues to grow, the distribution network must become smarter and more responsive. AMI is the foundational layer that makes this possible.

Polaris at Scale — A Track Record Across India

The West Bengal announcement builds on Polaris’ established position as one of India’s most active AMI service providers. The company has been appointed as AMISP across multiple states, such as Bihar through SBPDCL, Uttar Pradesh through MVVNL covering the Gomati and Saryu regions, Ladakh and Kargil through a 10-year REC contract, Manipur through MSPDCL, and now West Bengal through WBSEDCL via Hooghly Smart Metering. 

This multi-state track record reflects not just contract wins but operational delivery meters in the field, communications networks running, software platforms processing data, and consumers receiving accurate bills. It is this execution capability that distinguishes Polaris in a market where many participants can bid for contracts, but fewer can deliver at scale.

The company manufactures smart electric and gas meters at its facility in Jaipur, Rajasthan, and operates the Avdhaan software platform for utility-grade meter data management and analytics.

About Polaris Smart Metering

Polaris Smart Metering Pvt. Ltd. is an I Squared Capital portfolio company and one of India’s leading homegrown integrated smart metering solution providers. The company delivers end-to-end AMI capabilities across meter manufacturing, deployment, communications infrastructure, and software platforms. Formerly known as Gram Power, Polaris Grids was founded in 2010 with a mission to build smarter, more transparent energy infrastructure for India.

About British International Investment

British International Investment is the UK’s development finance institution and impact investor. BII supports the growth of businesses in Africa and Asia with a focus on creating jobs, building sustainable infrastructure, and contributing to climate solutions. It invests with a long-term perspective in companies and funds that can demonstrate both financial returns and positive development impact. 

Media Contact: Polaris Smart Metering Pvt. Ltd [Phone: +91 141 235 8178, Email: info@polarisgrids.com], [Website: https://www.polarisgrids.com/gallery/]