A private equity firm based in Singapore named I Squared Capital has made a significant investment of $100 million, enabling them to acquire a controlling interest in Polaris Smart Metering Pvt Ltd. This company holds ownership of Gram Power (India) Pvt Ltd. This acquisition marks a major move by I Squared Capital, demonstrating their commitment to investing in and supporting growth within the industry.
Additionally, as part of this acquisition and investment, the firm has decided to rebrand its Indian subsidiary business, previously known as Gram Power, to Polaris. This rebranding serves to align the company’s image and operations under a unified brand name.
The funds raised from this investment will primarily be allocated toward several strategic initiatives aimed at enhancing the company’s growth and competitiveness. These initiatives include acquiring and executing large-scale smart metering contracts across India, upgrading the company’s manufacturing capabilities to meet global standards, investing in research and development efforts, and developing a top-tier talent pool to drive industry-leading performance. The goal of these efforts is to position the company at the forefront of the smart metering market in India and beyond.
According to Yashraj Khaitan, the Founder, and CEO of Gram Power, this investment by I Squared Capital is poised to bring about significant benefits for the company. He stated that this investment will create the ideal conditions for growth by providing the necessary resources to acquire, finance, and execute large-scale projects, build state-of-the-art manufacturing facilities, expand the company’s service offerings, and invest in top-notch talent. With these investments in place, Khaitan expressed confidence in the company’s ability to achieve its long-term goals and establish itself as a leader in the smart metering market.
Gram Power, now rebranded as Polaris, boasts a cutting-edge smart energy meter platform that provides utilities with a comprehensive solution for digitizing and automating their metering, billing, and collection processes. The platform enables utilities to effectively manage their large and dispersed power infrastructure by identifying and addressing theft, leakages, and inefficiencies on the grid. With the ability to digitize and automate their operations, utilities can improve their operational efficiency and financial performance, while delivering a more reliable and sustainable energy supply to their customers.
The speaker stated that Polaris is the only company in India that offers a complete range of solutions, from metering equipment to communication technology to software and even financing, all under one roof. Their entire solution is developed internally.
According to Khaitan, Polaris (previously known as Gram Power) has provided nearly 100,000 smart meters for various government and private sector projects. The company operates in approximately 30 cities throughout India. With the new financing, they plan to construct a substantial manufacturing facility in Rajasthan and aim to secure contracts for 10 million meters in the coming years.
According to Khaitan, Polaris is poised to establish itself as a leader in the Indian smart metering industry due to its proprietary end-to-end technology, extensive experience in deploying smart meters across various distribution companies, and the financial support from I Squared Capital.
