British International Investment (BII) has contributed Rs 710 crore, or approximately $80 million, to Polaris Smart Metering Private Limited for its subsidiary Hooghly Smart Metering Private Limited.
The money will be used to increase Polaris’ advanced metering infrastructure (AMI) footprint and install more than 2.2 million smart meters in West Bengal.
Polaris is a portfolio company of I Squared Capital that offers complete smart metering solutions, including software platforms, manufacturing, deployment, and communications infrastructure.
With projects totaling 7.5 million electric meters in Uttar Pradesh, West Bengal, and Manipur, the company currently has an order book worth about $1.1 billion. With 1.6 million meters, it also competes in the smart gas metering market.
The UK’s development finance organization, British International Investment, makes investments in companies operating in emerging markets. Ather Energy, ZestMoney, KreditBee, Veritas Finance, and U GRO Capital are among its holdings in India. It recently made an investment in the climate-focused NBFC Ecofy, which raised $42 million in a Series B round.
