Apraava Energy Secures USD 92 Mn From BII and SCB to Install Smart Meters and Drive Energy Transition in India

Apraava Energy, India's leading integrated energy solutions provider, today announced that it has secured INR 8009 million (~USD 92 million) from British International Investment (BII), the UK's development finance institution and impact investor, and Standard Chartered. This landmark transaction demonstrates the partnership between two UK institutions, channelling commercial and development finance capital into a key sector for India’s energy transition journey.

Apraava Energy signed financing agreements with BII for INR 4005 million (~USD 46 million) and another agreement for INR 4004 million (~USD 46 million) with Standard Chartered. The combined facility will support the growth of Apraava’s Advanced Metering Infrastructure (AMI) footprint and contribute to India’s energy transition goals.

India’s power sector is undergoing a significant transformation to enhance efficiency, reduce losses, and drive sustainability. While progress has been made, distribution utilities continue to face challenges such as high distribution losses. To address this, the Government of India launched the INR 3 trillion (~USD 35 billion) Revamped Distribution Sector Scheme (RDSS).

A key component of RDSS is the rollout of AMI – a smart meter network that is designed to improve grid efficiency, promote transparency, and deliver a more sustainable power distribution system by integrating renewable energy. The government has set an ambitious target of installing 250 million smart meters by 2026.

Apraava offers a comprehensive, end-to-end AMI solution and is well placed to accelerate the smart metering adoption in the country under the scheme. Its AMI footprint spans across several states with a target of installing around 7.8 million smart meters.

Standard Chartered and BII’s financing will enable Apraava to install over c.2 million smart meters in homes and businesses. The smart meters will help to make India’s grid system become more efficient, reliable, and sustainable. This will enable better integration of renewable energy sources and help reduce aggregate technical and commercial losses and thereby reduce emissions.

Commenting on the development, Samir Ashta, Director – Finance & CFO, Apraava Energy, said, “Just as India stands at a pivotal moment in its energy transition journey, Apraava is charting a new course by diversifying into the AMI business, a critical step toward advancing the nation’s power sector. With this financing, we’re scaling up our smart metering efforts. We are proud of our track record in AMI, including achieving India’s first RDSS project operational go-live in Assam and the country’s fastest go-live in Himachal Pradesh. Partnership with Standard Chartered and BII empowers us to accelerate this journey and help build a low-carbon, customer-centric energy future. This partnership extends our philosophy of ‘Energy in action’, as we collaborate with Discoms to make energy smarter, more transparent, affordable, and reliable for customers.”

Shilpa Kumar, Managing Director and Head of India, British International Investment, said, “Smart metering is an emerging yet critical part of the business model. It strengthens the distribution dynamics in the energy sector and can significantly drive India’s journey toward a greener and more sustainable power sector. As the UK’s development finance institution, we play a catalytic role in accelerating this transition by partnering with innovative companies like Apraava and financiers like Standard Chartered. Our support for the company will drive improvements in grid efficiency, enhance service quality, and contribute to reductions in greenhouse gas emissions. This initiative aligns with our commitments to supporting India’s energy transition and mobilising private capital to combat the climate emergency.”

Prasad Hegde, Regional Head, Infrastructure & Development Finance Group, India and South Asia, Standard Chartered, said, “Smart meter rollout is a key initiative of Government of India to improve efficiency of the distribution network by reducing losses and driving sustainability of the power sector. We are delighted to support Apraava Energy as they accelerate their contribution to India’s energy transition journey by implementing this smart metering project. India is a key sustainable finance market for Standard Chartered, and we are committed to supporting the country’s ambition to reduce overall carbon emissions and expand sustainable practices.”

Jamie Scattergood, Deputy Head of Mission, British Deputy High Commission, Mumbai said, “Smart metres play a vital role in improving power distribution efficiency. This is one example of India's commitment to accelerating the transition to clean energy and the UK is proud to partner with India on this journey by supporting smart metre rollout under the RDSS scheme. A clear demonstration of how UK development finance and commercial investment can work together to support India's clean energy goals.”

This milestone investment marks a major step in Apraava’s journey and highlights its growing leadership in India’s smart metering landscape. It further reinforces the company’s commitment to supporting the country’s vision of a smarter, more resilient, and customer-focused power distribution network.

About Apraava Energy

Apraava Energy is India’s leading integrated energy solutions provider head quartered in Mumbai. It is jointly owned by the CLP Group —one of the largest investor-owned power businesses in Asia and La Caisse (formerly CDPQ), a global investment group.

Founded in 2002, Apraava has evolved from being a single-asset business to a forward looking, climate-conscious organisation spread across 13 states in India. Its portfolio comprises ~3.4 GW of installed capacity which includes ~1200 MW of wind and 250 MW of solar energy projects, a 1320 MW coal-fired super critical power plant and two power transmission assets (~494 kms). In addition, four greenfield transmission projects (~500 kms of transmission lines and substations with over 10 GW of combined capacity), a wind project (300 MW) and two solar projects (550 MW) are under construction.

The company has also forayed into Advanced Metering Infrastructure (AMI) business and is executing orders of ~7.8 million smart meters in Assam, Gujarat, West Bengal, Himachal Pradesh, Rajasthan, Puducherry and Madhya Pradesh.

Apraava Energy is among the handful of Indian power sector companies to commit to the SBTi and only the second in the sector to have them validated.

The company aims to invest in low-carbon growth areas, including renewable energy, power transmission and distribution, as well as other non-generation, customer-focused energy businesses.

Apraava is proud to be certified as a Great Place To Work® for the second consecutive year (Dec 2024 – Dec 2025), reflecting its commitment to fostering a workplace built on trust, performance, and positivity. In 2024, the company was also featured among the Top LinkedIn Companies in India.

About British International Investment

British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.

Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. 

About Standard Chartered

Standard Chartered has been operating in India with a continuous presence of over 165 years making it one of the oldest foreign banks in the country. The Bank has a network of 100 branches across 42 cities. Key business segments include Corporate and Investment Banking and Wealth and Retail Banking. For more information, visit https://www.sc.com/in/

Globally, we are a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.

CLR Facility Services Secures $15 Mn from BII to Boost Inclusive Jobs & ESG in Facility Management

The investment supports the Government of India’s initiatives to promote inclusive employment, introducing up to 30,000 more low-income workers to the formal economy.

CLR Facility Services Pvt Ltd (CLR), a leading integrated facility management solutions provider in India, today announced a strategic partnership with British International Investment (BII), the UK’s development finance institution and impact investor. BII has committed $15 million (approximately INR 125 crore) to support CLR’s next phase of growth.

Gautam Pathak

The company employs 20,000 blue-collar workers, providing facility management services including cleaning, engineering, and mechanical maintenance, and production support to corporate clients. BII’s investment will accelerate CLR’s expansion across India, providing better employment opportunities to low-income groups and women, and driving the adoption of sustainable business practices.

The company aims to scale its workforce to more than double the current number – up to 50,000 employees over the next five to seven years, introducing more women and underserved groups to become part of the formal economy. Part of the funding will also go toward building training centres where unskilled and semi-skilled workers in tier-2 cities can receive vocational training over the next five years.

While the company expands service offerings, it is also enhancing its environmental and social risk management processes and HR initiatives to ensure workers’ health and safety.

Gaurav Pathak and Gautam Pathak, Promoters and Directors of CLR Facility Services, said: “Partnering with BII marks a pivotal moment in our journey toward inclusive and sustainable growth. This investment will empower us to create more opportunities for our workforce, drive innovation in facility management, and extend our impact across new markets.”

Shilpa Kumar, Managing Director, Head of India at BII, added: “In India, over 80 per cent of the workforce, excluding agricultural workers, is in the blue and grey collar sectors that drive the country’s economic growth. As the UK’s DFI, we focus on supporting inclusive growth by enabling better job and training opportunities for underserved groups. We are delighted to support CLR’s vision, which is aligned with the Government of India’s initiatives in driving inclusive employment.”

Mr K K Rathi, Managing Partner at First Bridge Investment Managers Pvt Ltd, existing investor of CLR said: “We are delighted to welcome BII as a partner in the growth journey of CLR. Having been the first investor in CLR since 2018, we firmly believed in the potential of the company which will get into new growth orbit with the strategic investment from BII.”

About CLR Facility Services:

Founded in 2002 in Pune, CLR is a rapidly growing integrated facility management company with 20,000+ employees, 160+ clients, and operations across 9 states in India. The company is committed to empowering women (25% of its workforce) and uplifting underserved communities through structured training and employment opportunities. The company offers Integrated Facility Management and complex Infrastructure O&M Projects.

About British International Investment

British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable, and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge, which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion. 

Kinara Capital Closes INR ~200 Cr in Fresh Equity, Led by British International Investment (BII)

• Existing Investors Nuveen and Triple Jump’s AMP Fund Participated in this Equity Round led by British International Investment (BII)
• Funding to Advance Sustainable Financial Inclusion of Small Business Entrepreneurs in India and support Over 1 Million Jobs in Local Economies
• Kinara aims to grow 5x by 2025 and reach 2,00,000 MSMEs in 100+ cities

Kinara Capital, a fast-growing fintech for India’s small business entrepreneurs, today announced closing a fresh equity round of INR ~200 crores led by British International Investment (BII), the UK’s development finance institution and impact investor. Existing equity investors Nuveen and the ASN Microkredietfonds advised by Triple Jump also participated in this round. This equity investment will aim to propel Kinara Capital to grow 5x by 2025 and reach an AUM of INR 6,000 crores by democratizing access to formal financial inclusion with its myKinara App.

Hardika Shah

More than 300 MSME sub-sectors across Manufacturing, Trading, and Services sectors can digitally avail myKinara collateral-free business loans in the range of INR 1-30 lakhs. Powered by the advanced use of AI/ML, the company’s myKinara App can take small business entrepreneurs from loan decision-to-disbursement within 24-hours. Kinara Capital plans to reach over 2,00,000 MSMEs across 100+ cities in India in the next three years. The social impact of this growth is expected to support over 1 million jobs in local economies and generate over INR 3,000 crores in incremental income for small business entrepreneurs.

Kinara Capital’s other main equity investors include Gaja Capital, GAWA Capital, Michael & Susan Dell Foundation (MSDF), and Patamar Capital. Edelweiss Financial Services Limited acted as the exclusive advisor for the transaction.

Alex Ellis, British High Commissioner to India, said: “Women-led Fintech Company Kinara champions female empowerment and provides easier access to capital for small entrepreneurs across India. The British Government is proud to support the company through BII's investment. The UK remains committed to solving the biggest global development challenges by supporting sustainable and inclusive economic outcomes for all.”

Hardika Shah, Founder & CEO, Kinara Capital, said, “We are honored to onboard British International Investment (BII) as our latest equity investor. The combined expertise and capital infusion from BII, Nuveen and Triple Jump, will expand Kinara Capital’s offerings to meet the rising demand of the MSME sector in India. This year, India’s GDP growth has exceeded pre-pandemic levels signifying the resilience and growth prospects of small business entrepreneurs. With this support, we, at Kinara Capital, are further motivated to deliver on our mission of financial inclusion.”

Manav Bansal, Managing Director and Head of India, British International Investment, said, “BII seeks to invest in companies that demonstrate strong development impact capacity and offer tech-enabled innovative solutions with high potential for scalability. Kinara Capital meets these criteria, and we are especially excited by its commitment to helping to expand financial inclusion to MSMEs, including increasing women’s access to finance which in turn promotes women’s entrepreneurship. I am pleased that our flexible capital will help boost productivity within India’s MSME sector and facilitate entrepreneurial growth that will continue to transform the nation’s economy.”

Rekha Unnithan, Managing Director & Co-Head of Private Impact Investing, Nuveen, said, “We value our commitment to Kinara Capital, so it is a great joy to collaborate with British International Investment (BII) who share our undertaking to drive financial inclusion in India with a digital-first approach. We are happy to participate in this round of investment for Kinara Capital who we consider to be at the forefront of driving financial inclusion with its digital processes combined with a personalized approach.”

Orsolya Farkas, Equity Manager, Triple Jump, said, “We gladly participated in this round of investment for Kinara Capital, led by British International Investment (BII). We believe that this round will give an additional boost to Kinara’s expansion plans to extend formal financial inclusion to thousands of MSMEs in India. We are glad to be a part of this growth journey and believe that Kinara Capital has the right combination of technology and tactics for an impactful shift for small business entrepreneurs, particularly women entrepreneurs.”

Kinara Capital is woman-founded and women-led, and qualifies under the 2X Challenge – an initiative launched by the development finance institutions (DFIs) of the G7 to deploy and mobilise capital to support projects that empower women as entrepreneurs, business leaders, employees and consumers. To further gender inclusivity in the MSME sector, Kinara Capital has extended an automatic discount to all women entrepreneurs with its HerVikas program.

Kinara Capital adheres to international Environmental, Social, Governance (ESG) standards for financial service providers, particularly the International Finance Corporation Performance Standards (IFC PS), Client Protection Pathway (CPP), United Nations Women Empowerment Principles (UN WEP), and is committed to advancing United Nations Sustainable Development Goals (UN SDGs) with financial inclusion.

Financial Inclusion Lab Announces its 4th Cohort Comprising Nine Innovative Startups

The Financial Inclusion Lab, an accelerator programme at CIIE.CO's Bharat Inclusion Initiative (BII) is supported by Bill & Melinda Gates Foundation, J. P. Morgan, Michael & Susan Dell Foundation, MetLife Foundation, and the Omidyar Network and run in collaboration with MSC Consulting. The Lab identifies and supports startups that focus on enhancing the financial health of lower-income communities with mentoring, market research, access to networks, capital and other support to build and scale their solutions. The Lab being one of the key components of BII helps in taking the entrepreneurial ecosystem of India forward by solving financial, skill, and livelihood issues.

Meet the 4th Cohort of Bharat Inclusion Initiative's Financial Inclusion Lab

This year, the FI Lab announces its 4th cohort consisting of nine innovative startups that are offered customised support as per their individual needs. It aims to accelerate these early-stage startups towards product-market fit and scale up to positively impact lower and middle income underserved communities.

Credochain (Credochain Technologies Pvt. Ltd.) enables flow-based lending for MSMEs by capturing and analysing the underlying business transactions and cash flows using GST in a completely automated manner for faster and better credit decision-making.

Team: Vaibhav Anand and Shivani Sharma