New Delhi/West Bengal, April 16, 2026.

Polaris Smart Metering Private Limited (“Polaris”), an I Squared Capital portfolio company and one of India’s leading integrated smart metering and digital energy infrastructure players, today announced that it has secured financing of INR 7,100 million (approximately USD 80 million) from British International Investment (BII), the UK’s development finance institution and impact investor, for its subsidiary Hooghly Smart Metering Private Limited.

The financing will support the deployment of over 2.2 million smart meters in West Bengal, further 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 Government of India launched the Revamped Distribution Sector Scheme (RDSS) with an outlay of approximately INR 3 trillion (USD 35 billion). A key pillar of the scheme is the nationwide rollout of Advanced Metering Infrastructure (AMI), with a target of installing 250 million smart meters by 2027.

Polaris is a homegrown, integrated smart metering solutions provider delivering end-to-end AMI capabilities across meter manufacturing, deployment, communications infrastructure, and software platforms. With a growing footprint across multiple states, Polaris is playing an important role in modernising India’s electricity distribution ecosystem.

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.

Commenting on the development, Yashraj Khaitan, Founder & CEO, 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. At Polaris, our ambition goes beyond meter installation — we are focused on enabling a more efficient, accountable, and financially resilient grid that can support India’s renewable energy ambitions and long-term energy transition.”

Shilpa Kumar, Managing Director and Head of India, British International Investment, said:“We are pleased to support Polaris Smart Metering as India strengthens its power distribution network. 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.”