As it prepares to increase manufacturing capacity to 10 million units annually, domestic smart metering business Gram Power is targeting a multiple-fold increase in topline in the current fiscal year, according to a top company official.

“We have set up a manufacturing unit with a capacity of up to 3 million smart meters per year, and we aim to ramp up production to 10 million meters in the next 12-15 months to meet the growing demand for smart metering systems in the country,” Yashraj Khaitan, Founder and CEO of Gram Power said.

With the capacity expansion, Gram Power is eyeing about 10 per cent of the country’s 300 million metering market over the next five years.

Khaitan said that once the additional capacity is functional, Gram Power’s topline turnover will increase by 20 times in 2023-24.