Secure

What Secure does

Secure Meters Ltd. is an Indian multinational, privately held energy solutions company headquartered in Udaipur, Rajasthan, founded in 1987 and operating across more than 70 countries with 7,200+ employees in 10 countries. The company designs, manufactures, and sells smart electricity meters, prepayment meters (Liberty series, including SMETS2-compliant UK units), high-precision grid metering equipment (Apex, Prometer, ProQ series with Class 0.2S accuracy and power-quality monitoring), multi-function digital and analogue panel meters (Elite, DPM), domestic heating controls (Horstmann heritage, radbot, C1727, H3747), heat meters, electrical transducers, and ancillary components. Following the 2021 acquisition of Swiss smart grid software provider Adaptricity AG, the portfolio also includes cloud-based distribution network operator simulation and analytics tools.

Secure operates a vertically integrated business model with primary manufacturing at IGBC Platinum-certified facilities in Udaipur and Sanand, India, complemented by manufacturing partnerships in Malaysia and Ghana. Revenue is generated primarily through B2B hardware sales to electricity distribution utilities, power generation and transmission operators, and commercial/industrial customers, supplemented by managed and professional services such as revenue management (Metering, Billing and Collection), field services, energy monitoring, Beanbag residential services (Heat, Cool, Care), and the Adaptricity software platform. Go-to-market is executed via regional enterprise field-sales teams covering Africa, Australia, Europe, India, Middle East, South Asia, South East Asia, and the UK, with quote-based pricing and no public price list. Customer concentration sits with utilities and DISCOMs (Northern Powergrid, Utilita, Indian state utilities, European DNOs), with cumulative deployment of 44M+ meters, including 10M+ smart and prepayment units, providing recurring replacement and AMI upgrade demand.

Name

Secure

Legal name

Secure Meters Ltd.

Website

https://securemeters.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Secure Meters Ltd. is an Indian multinational, privately held manufacturer of smart electricity meters, prepayment meters, grid metering systems, panel meters, and heating controls, serving utilities, DISCOMs, and industrial customers across 70+ countries with 7,200+ employees and 44M+ meters deployed.

Ownership category

akta.pro rank

Product category

Smart Energy Meters

NAICS

Totalizing Fluid Meter and Counting Device Manufacturing (334514), Electric Power Transmission, Control, and Distribution (22112), Electric Power Generation, Transmission and Distribution (2211)

SIC

Industrial Instruments For Measurement, Display, And Control (3823), Instruments For Meas & Testing Of Electricity & Elec Signals (3825), Switchgear & Switchboard Apparatus (3613)

akta.pro primary industry

Metering & Grid Measurement (Smart Meters, CT/VT, PQ Meters) (IMAGAAAH)

akta.pro secondary industries

Protection, Metering & Grid Compliance Systems (Relays, Revenue Metering, PQ) (EUAEADAE), Power Quality, Metering & Monitoring (HDACAJAG), Grid Data & Analytics Enablement (MDM, Data Integration, Hosting) (EUAEANAI)

Keywords

• Smart electricity meters
• Prepayment energy meters
• Grid metering solutions
• Power quality monitoring
• Heating control systems

Headquarters

HQ city

Udaipur

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Smart Meters and Electricity Meters: Secure manufactures and sells smart meters, prepayment meters, and traditional electricity meters to utilities and end consumers. Revenue is generated through product sales with recurring replacement demand.
2. Grid Metering and Power Quality Solutions: High-precision grid metering systems (Apex, Prometer, ProQ series) for power transfer points, substations, and generation facilities. Revenue from industrial-grade metering equipment.
3. Panel Meters and Transducers: Multi-function panel meters (Elite series, DPM series) for commercial and industrial applications, providing measurement of electrical parameters including voltage, current, power, and energy.
4. Field Services and Professional Services: Installation, maintenance, and support services for metering infrastructure including Beanbag Care (assisted living services) and other service offerings.
5. Energy Efficiency Solutions: Solutions including heating controls, smart comfort systems, and energy monitoring to help consumers reduce energy consumption and costs.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Secure designs, manufactures, and supplies electricity meters, gas meters, smart prepayment meters, and grid metering systems with power quality monitoring for utilities, distribution companies, and power generation/transmission operators. The company also produces multi-function and digital panel meters for commercial/industrial sub-metering, domestic heating controls (programmers, thermostats, TRVs), and offers services including Secure SMSO (Metering, Billing, Collection), field services, and the Beanbag consumer platform (Heat, Cool, Care). Through its Adaptricity AG subsidiary, Secure provides cloud-based smart grid solutions for distribution network operators.

Product overview

Secure Meters is a multi-national energy solutions provider offering an integrated portfolio of smart meters, prepayment meters, grid metering solutions, panel meters, heating controls, and associated services. The core products include Smart Meter - Electricity and Smart Prepayment meters (Liberty series) for residential and commercial applications, alongside Grid Metering products (Apex, Prometer, ProQ series) with power quality monitoring capabilities for transmission and distribution networks. The Panel Meters portfolio includes Elite and DPM series for commercial and industrial sub-metering. Heating Controls feature smart programmers (C1727, H3747), radbot intelligent radiator controllers, and Beanbag ecosystem services (Heat, Cool, Care). The company provides comprehensive services including Revenue Management (Metering, Billing, and Collection), Field Services, Data Acquisition Systems, and Energy Efficiency solutions. Secure operates across 70+ countries with manufacturing in India and partnerships in Malaysia and Ghana, serving utilities, energy providers, and consumers globally.

Differentiator

Problem solved

Functional benefit

Brands

• Cewe Instrument: Instrument brand operating under Secure's European operations.
• Horstmann
• Beanbag

Products and services

• Smart Electricity Meters Advanced smart meters for electricity that enable remote meter reading, prepayment capabilities, and integration with AMI/AMR systems, serving utilities and end consumers.
• Liberty 150 Prepayment Meter Intelligent single-phase prepayment energy meter providing real-time and historical consumption and accounting information in monetary terms for residential electricity consumers.
• Liberty 370 Three-Phase Prepayment Meter Three-phase prepayment electricity meter providing account balance, consumption patterns, alerts, and notifications for commercial and small industrial consumers.
• Liberty Gas 200 SMETS2 Gas Meter SMETS2-compliant gas prepayment meter for the UK market, using electronic measuring units for verified accuracy.
• Apex 150 Grid Meter Wall-mounted energy meter for bulk power transfer points with 0.2S accuracy, supporting DLMS, MODBUS, and IEC 61850 protocols. Features power quality monitoring including THD, sag, swell, voltage unbalance, and interruption recording.
• Apex 540 Grid Meter Advanced grid metering solution designed for power transfer points requiring precise measurements and revenue transactions.
• ProQ 100 Power Quality Meter True innovation combining precision class revenue metering with leading-edge power quality measurement for HV and MV configurations.
• Prometer 540 Grid Meter Next-generation energy meter designed for power transfer points requiring precise measurements and accurate revenue transactions.
• Prometer 100 Grid Meter Series of next-generation energy meters designed for power transfer points requiring precise measurements and revenue transactions.
• Elite 500 Multi-function Panel Meter Multi-function panel meter with advanced power monitoring capabilities for standalone device monitoring and power quality analysis.
• Elite 100 and 300 Panel Meters Multi-line three-phase digital panel meters for reliable and accurate true-RMS measurement of electrical parameters (voltage, current, power, frequency) with LED (Elite 100) and LCD (Elite 300) display options.
• Elite 440 Multi-function Panel Meter Multi-line three-phase digital panel meter with large multi-line backlit LCD display showing four parameters simultaneously. Features Modbus communication (RS-485/Ethernet) and expansion modules for pulse inputs/outputs or analogue outputs.
• DPM Digital Panel Meters Range of digital panel meters for reliable and accurate measurement of AC parameters (voltage, current, frequency, power, power factor, energy) and DC parameters (voltage and current) with true RMS measurement.

Quantifiable outcome

• 44 million+ meters deployed worldwide
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Adaptricity AGcoreStrategic or Co-development Partner · 11 November 2021Secure Meters acquired 100% ownership of Swiss smart grid solutions provider Adaptricity AG from German multinational Leoni AG. Adaptricity offers cloud-based solutions for distribution network operators, enabling Secure to expand its product portfolio and international presence in smart grid technology while facilitating customers' transition to net-zero energy usage.
• Studio SaarcoreImplementation/ SI/ Consulting PartnerStudio Saar, an Udaipur-based architecture firm with operations in the UK, is designing what claims to be the world's most sustainable printed circuit board factories (Secure Sehore project) for parent company Secure Meters. The project is scheduled for completion in October 2026 and will incorporate extensive sustainability features.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Genus Power Infrastructures: Indian listed manufacturer of electricity meters, smart meters, and AMR/AMI solutions; the closest domestic India-based peer, competing head-to-head for Indian DISCOM smart-meter tenders alongside Secure.
• Landis+Gyr: Largest pure-play global smart-metering and grid-management company; the most directly comparable peer to Secure given shared focus on AMI/AMR smart meters, prepayment, revenue metering, and grid-edge software for utilities worldwide.
• EDMI (a Sekisui Chemical company): Asia-Pacific headquartered smart-meter manufacturer (owned by Sekisui Chemical) with strong positions in smart electricity, gas, and water metering; comparable product breadth and similar UK/Asia-Pacific customer base as Secure.
• Itron: US-listed smart-metering and AMI/AMR vendor competing with Secure for utility tenders across electricity, gas, and water metering; offers overlapping product breadth and similar end-markets in residential and grid metering.
• Kamstrup: Danish privately held smart-metering specialist with strong positions in smart electricity, heat, and water meters; directly comparable to Secure's portfolio across metering accuracy classes, AMI systems, and European utility customers.
• Aclara Technologies (Hubbell): US AMI and smart-infrastructure vendor (Hubbell-owned) competing in electricity and gas metering, distribution automation, and consumer engagement — overlapping customer base and product mix with Secure's grid-metering portfolio.

Emerging players

• HPL Electric & Power: Indian electrical-equipment and metering company with growing presence in smart meters, MCBs, and energy meters; competes with Secure in India's residential and C&I metering segments.
• ZIV (CG Power and Industrial Solutions): Grid metering, protection, and automation vendor now part of CG Power; directly comparable to Secure's Prometer/Apex grid metering line for substations and power-transfer-point revenue metering.

Broad incumbents

• Schneider Electric (EcoStruxure): Global broadline energy-management and grid-solutions incumbent; overlaps with Secure in metering, power quality monitoring, and grid-edge analytics but as part of a much larger portfolio of switches, drives, and building systems.
• Honeywell (Smart Energy / Elster): Diversified industrial conglomerate whose Smart Energy division competes directly with Secure in smart electricity and gas meters via the Elster/Honeywell legacy portfolio, especially in UK and European markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/securemeters
• YouTubeyoutube.com/channel/UCU238IFrPA5RtikDodGoNJQ
• Facebookfacebook.com/secure-meters-limited-213627155328118
• LinkedInlinkedin.com/company/secure-meters-limited
• Instagraminstagram.com/securemeters

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Secure