I Squared-backed Polaris eyes IPO, plans global expansion

Amid the rapid rollout of smart meters and reforms in the power distribution sector, Polaris Smart Metering is looking to expand its business by offering technology solutions to other smart metering companies, scale up its international presence, and explore a public listing of its shares in India.

- Rituraj Baruah

Yashraj Khaitan, founder and chief executive of the company, told Mint in an interview that the company, which holds nearly 10% market share in the Indian smart metering space, aims to double its share in the next three to five years.

Khaitan did not give a timeline for its public listing plans, but emphasized that the company is well-capitalized for expansion. "We are certainly looking at hitting the public markets. As soon as I Squared decides, we'll be looking at it."

US-headquartered private equity firm I Squared Capital has a 51% stake in the firm and invested $100 million in 2023.