Global infrastructure investment manager I Squared Capital is reportedly preparing to exit its portfolio company, Polaris Smart Metering. The move comes roughly two years after the US-based fund acquired a majority stake in the firm.
Key Transaction Details
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Target Valuation: The potential deal is expected to value Polaris at approximately $200 million (₹1,892 crore).
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Investment History: I Squared Capital originally committed $150 million in February 2023 for a controlling interest in the Singapore-headquartered company.
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Advisors: The fund has appointed boutique investment bank Impact Infracap to manage the sale process.
Company Profile and Operations
Polaris, formerly known as Gram Power, operates in India through its subsidiary, Gomati Smart Metering. It is a major player in India’s digital energy transition, offering end-to-end smart metering solutions from manufacturing to software platforms.
| Feature | Details |
| Order Book | Approximately $1.1 billion across various Indian states. |
| Key Projects | Installing 5.1 million meters in Uttar Pradesh (Lucknow and Ayodhya) and 2.2 million meters in West Bengal. |
| Recent Funding | Secured ₹710 crore ($80 million) in financing from British International Investment (BII) in mid-April 2026. |
Strategic Context
The exit comes at a time when the Indian smart metering sector is booming, fueled by the government’s Revamped Distribution Sector Scheme (RDSS), which aims to install 250 million smart meters nationwide by 2027 to reduce power distribution losses.
While the company has seen rapid growth and secured massive contracts, the proposed $200 million exit valuation would represent a roughly 15% annualized return on I Squared’s initial $150 million commitment. This early exit strategy may signal a desire to reallocate capital as the company transitions from a high-growth “startup” phase to a capital-intensive execution phase.
