Polaris Smart Metering has secured ₹7.1 billion (~$76.15 million) in financing from British International Investment (BII) for its subsidiary to scale up smart meter deployment in India.

The funding will be used by Polaris’ subsidiary Hooghly Smart Metering to install over 2.2 million smart meters in West Bengal, expanding the company’s footprint and supporting ongoing reforms in the power distribution sector.

India’s distribution segment is undergoing a structural transition driven by the need to reduce aggregate technical and commercial losses, improve operational efficiency, and modernize infrastructure to accommodate renewable energy integration.

To address these challenges, the Government of India has launched the Revamped Distribution Sector Scheme (RDSS) with an outlay of about ₹3 trillion (~$35 billion), targeting the installation of 250 million smart meters by 2027.

The West Bengal rollout is expected to improve the company’s billing accuracy, enhance operational efficiency, and increase transparency for consumers. It also aims to reduce distribution losses, improve grid performance, and enable better integration of renewable energy into the electricity system.

Polaris has deployed smart microgrids and metering solutions in India. The company currently has an order book of approximately $1.1 billion, covering projects across Uttar Pradesh, West Bengal, and Manipur, totaling 7.5 million electric meters.

In addition, Polaris operates in the City Gas Distribution segment with 1.6 million smart gas meters across two companies. It has also manufactured and deployed 1 million smart meters under RDSS.

BII, the UK’s development finance institution and impact investor, has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion (~$13.39 billion). The institution has committed to allocating at least 30% of its investments to climate finance between 2022 and 2026.

Earlier this year, Eversource Capital’s green mobility arm, GreenCell Mobility, raised $89 million in a mezzanine financing round led by BII, IFC, and Tata Capital to accelerate the deployment of zero-emission public transport in India.

Last December, Apraava Energy secured ₹8.01 billion (~₹92 million) from BII and Standard Chartered to expand its advanced metering infrastructure footprint.

In January 2024, Polaris won two contracts valued at over ₹52 billion (~$625.6 million) for the implementation of smart prepaid metering systems in Uttar Pradesh.