Polaris Smart Metering raises $100 mn in funding from I Squared Capital

Singapore-based private equity firm I Squared Capital has acquired a controlling stake in Polaris Smart Metering Pvt Ltd, which owns Gram Power (India) Pvt Ltd, through an investment of $100 million.

The firm has also rebranded its India business, Gram Power, to Polaris.

Funds raised will primarily be used to acquire, execute and finance large smart metering contracts across India. Capital will also go towards upgrading the company’s manufacturing capabilities to global standards, investing in research and development, and developing industry-leading talent.

“This investment by I Squared Capital will create the right synergies for our growth by helping us acquire, finance, and execute large scale projects while building world-class manufacturing facilities, expanding our service offerings, and investing in top quality talent,” said Yashraj Khaitan, Founder and CEO of Gram Power.

The company claims that its smart energy meter platform allows utilities to digitize and automate 100 per cent of their metering, billing, and collection activities and enables them to manage large and distributed power infrastructure by plugging theft, leakages and inefficiencies on the grid.

“Polaris is the only domestic entity in India which provides the entire gamut of solutions, from the metering hardware, to communication, to the complete software stack, and now even the financing, under one roof. Our entire end-to-end solution is developed in-house,” he told Business Standard.

Until now, Khaitan says that Polaris (erstwhile Gram Power) has supplied close to 100,000 smart meters across various projects in the government and private sectors. The company is present in around 30 cities across the country. “With this financing, we are also building a large manufacturing facility in Rajasthan. We are looking to acquire contracts worth around 10 million meters over the next few years,” he said.

“With proprietary end-to-end technology in place, the experience gained in deploying smart meters across different distribution companies, and the equity commitment from I Squared Capital, Polaris is well positioned to set the standard for the smart metering industry in India,” Khaitan added.