mumbai, June 27 -- Smart electricity metering in India may offer a promising and largely untapped opportunity for private equity investors, given its $30 billion potential and some recent investments in a sector that has traditionally been dominated by government-run utilities. Actis invested $200 million in a joint venture with EDF India in February that will deploy smart meter infrastructure in the country. Singapore's GIC invested Rs.519 crore in Jaipur-based Genus Power Infrastructures in July 2023. They agreed to set up a platform to install smart meters and provide associated services, committing to an initial pipeline with a capital outlay of about $2 billion. The government will invest an estimated $30 billion to install 250 million smart meters in the country, GIC and Genus said in July 2023. I Squared Capital invested $100 million for a controlling stake in Polaris Smart Metering in February 2023. IoT-based smart metering company Probus raised $3 million in March 2023 and $5 million in February 2025 from Unicorn India Ventures. Kimbal Technologies raised $5 million in a maiden funding round led by Niveshaay in March 2024. Smart metering is rapidly emerging as a compelling gateway for private investment in India's power sector, said Abhishek Bansal, a partner at Actis, a private equity firm focused on infrastructure and energy. Smart meters are digital devices that provide accurate and live consumption data, allowing utilities and consumers to monitor and manage energy usage more effectively. They can improve operational efficiencies, reduce technical and commercial losses, and boost the finances of power distribution companies (discoms). What makes the opportunity in India compelling, Bansal noted, is the way the government has structured the rollout: long-term agreements, annual payments, and an ambitious target of installing 250 million smart meters-all of which combine to create a strong foundation for investor confidence and long-term returns. "It's a well-structured, scalable opportunity that offers both impact and steady returns," Bansal said. According to Shivam Bajaj, founder of Avener Capital, an infrastructure-focused PE advisory firm, meeting the goal of installing 250 million smart meters by March 2026 depends on two main groups of companies: advanced metering infrastructure service providers and original equipment manufacturers (OEMs)....