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Smart Metering company Kimbal Technologies on Monday announced that it has secured $5 million in growth capital in its first-ever funding round to scale up existing operations and new product development.

The funding round was led by investment advisory firm Niveshaay and a host of marquee investors, including Ayush Mittal of Mittal Analytics Pvt. Ltd. and Sandeep Kapadia, among 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, said in a statement.

Emphasising over the potential of the industry and the organisation, the investors said that India's rapid economic expansion and increased acceptance of renewables globally necessitates investments in the power sector to keep 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 investors said.

"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 leading power distribution sector solution supplier that offers an integrated Advanced Metering Infrastructure (AMI) solution, including smart meters, RF-Mesh communication technologies, and open-architecture Head-End system.