Singapore-based private equity firm I Squared Capital has developed a monitoring stake in Polaris Smart Metering Pvt Ltd, which possesses Gram Power Pvt Ltd, through the speculation of $100 million. The firm has also re-branded its India business and Gram Power to Polaris.

Funds will primarily be recycled to acquire, execute and finance significant keen metering agreements across India. Capital will also go to the progression of the company’s manufacturing competencies to global standards, investing in research and development, and evolving industry-leading talent.

The company privileges that its smart energy meter platform permits utilities to digitize and automate 100% of their metering, billing, and group events. It also helps them to achieve significant and dispersed power infrastructure by persevering theft, leakages, and inadequacies on the grid.

Polaris is the only national entity in India that delivers the complete gamut of results, from the metering hardware to statement, to the entire software stack, and now even the funding, under one roof. Our total end-to-end solution is established in-house.

Until now, Khaitan articulates that Polaris (erstwhile Gram Power) has abounded nearly 100,000 smart meters across numerous projects in the government and private segments. The company exists in around 30 cities diagonally the country. “With this support, we are also constructing a large manufacturing capability in Rajasthan. We are beholding to purchase indentures worth around 10 million meters over the upcoming few years,” the company mentioned.

“With registered end-to-end technology in place, the experience expanded in positioning smart meters across different spreading companies, and the equity commitment from I Squared Capital, Polaris is well positioned to set the standard for the smart metering industry in India,” it added.