New Delhi: Smart Metering firm Kimbal Technologies on Monday introduced that it has secured $5 million in development capital in its first-ever funding spherical to scale up present operations and new product growth.

The funding spherical was led by funding advisory agency Niveshaay and a bunch of marquee buyers, together with Ayush Mittal of Mittal Analytics Pvt. Ltd. and Sandeep Kapadia, amongst others.

“We are growing at a solid pace, and I am strategically focused on ensuring that our growth is not only steep but also steady and sturdy,” Ayush Sinhal, CEO of Kimbal Technologies, stated in an announcement.

Emphasising over the potential of the trade and the organisation, the buyers stated that India’s fast financial growth and elevated acceptance of renewables globally necessitates investments within the energy sector to maintain the juggernaut rolling.

“The plan is to install 250 million prepaid smart meters by 2025. Currently, projects totalling 222.26 million smart meters have been approved, with 108.34 million already awarded and the remainder in various phases of tendering,” the buyers stated.

“To capitalise on this potential, we have invested in Kimbal Technologies,” they added.

Established in 2011, Kimbal Technologies, a Make-in-India initiative, is a number one energy distribution sector resolution provider that provides an built-in Advanced Metering Infrastructure (AMI) resolution, together with sensible meters, RF-Mesh communication applied sciences, and open-architecture Head-End system.