Funding · Climate, Energy & Sustainability

Polaris raises $80M to deploy smart meters in India

By Startup Enthusiast · 16 April 2026

What they do

Polaris manufactures hardware and software for real-time energy monitoring

The company raised $80 million led by British International Investment

Funds will deploy over 2.2 million meters across West Bengal

Polaris Smart Metering has raised $80 million in a new financing round.
The lead investor is British International Investment (BII), a UK development finance institution.
The funds were received by its subsidiary, Hooghly Smart Metering Private Limited.
Existing investor I Squared Capital also participated in the round.
This investment follows BII's previous portfolio commitments like Ather Energy and KreditBee.
The capital injection signals strong confidence in Polaris's infrastructure expansion plans.
The deal highlights growing international interest in India's energy modernization sector.
Polaris aims to use the funds to strengthen its Advanced Metering Infrastructure capabilities.

India is aggressively modernizing its power grid to reduce transmission losses.
Smart meters enable real-time monitoring and better demand management for utilities.
International investors are increasingly targeting Indian climate tech startups.
BII focuses on impact investing in emerging markets like India.

Polaris provides end-to-end Advanced Metering Infrastructure (AMI) solutions.
The company handles hardware manufacturing for electric and gas meters.
It builds the physical infrastructure required for meter deployment.
Software platforms allow for real-time data monitoring and analysis.
The firm operates primarily in the utility and energy sectors.
Its products help utilities track consumption and manage grid load.
Polaris serves large-scale government and private utility clients.
The business model relies on high-volume meter orders.
It integrates hardware and software for seamless customer experience.

British International Investment (lead) — UK development finance institution focused on impact investing.
I Squared Capital (existing) — Global infrastructure asset manager.