Mint Explainer | How metro operators are monetizing infra

Metro operators are finding new ways to fund costly networks without leaning solely on fares, public money or borrowing. Bengaluru’s latest station-branding deal highlights a broader push to turn stations, retail areas and connections into revenue-generating assets. 

From station naming rights and advertising spaces to retail outlets, and corporate partnerships, metro operators are increasingly turning to non-fare revenue to monetize their infrastructure. Homegrown adtech company InMobi's recent deal to secure naming rights to Bengaluru's Ibbaluru metro station is one such example. Mint explains the growing push to monetize metro infrastructure, how much companies pay, and the opportunities that can be explored.

Why are metro operators looking beyond fares?

Metro rail projects need substantial capital to build, operate and maintain, while passenger fares alone may not be enough to cover these costs. Naming rights and corporate partnerships offer operators a way to raise money without relying entirely on government funding, loans or fare increases.

The money can help with expanding networks and improve last-mile connectivity. Bengaluru Metro Rail Corp. Ltd (BMRCL), for instance, has developed an innovative financing model under which companies contribute towards station construction or connectivity infrastructure in exchange for long-term branding and access rights.

BMRCL reportedly is in discussions with five corporate firms to mobilize ₹460 crore through this programme.

What do companies get in return for their investment?

Companies get the right to associate their brand with a metro station for a specified period, usually by adding the brand name as a prefix or suffix to the station's existing name. In Bengaluru, BMRCL has structured its corporate partnership model into three components: ₹65 crore for naming rights over 30 years, ₹25 crore for advertising and commercial space within the station, and ₹10 crore for direct access infrastructure such as a walkway connecting a station to a corporate campus, according to BMRCL's partnership framework. The precise rights and obligations differ across metro networks in different cities.

How much is the going rate in other cities?

In Mumbai, the Mumbai Metro Rail Corp. (MMRC) awarded naming rights for five Metro 3 stations to Kotak Mahindra Bank, ICICI Lombard and LIC for a cumulative ₹216 crore over five years, with a 5% annual escalation in 2022.

Kochi Metro Rail Ltd (KMRL) set annual co-branding fees at ₹52 lakh for Ernakulam South, ₹42 lakh each for MG Road, Vyttila, Kaloor and Maharaja's College, ₹37 lakh for Kadavanthra and ₹30 lakh for Tripunithura Terminal, according to The New Indian Express in May 2025.

Which companies have already signed up?

Some of the recent agreements in Bengaluru include Prestige Group's station agreement for Bellandur, valued at ₹80 crore, with a further ₹10 crore linked to an exclusive pedestrian skywalk. Earlier, Infosys Foundation and Embassy Group contributed ₹100 crore each for Konappana Agrahara and Kadubeesanahalli stations, respectively, while Biocon contributed ₹65 crore for Hebbagodi.

In Mumbai, Atharva University has acquired the naming rights of Mumbai Metro’s Valnai Meeth Chowky Station. Arkade Developers Ltd. has acquired the naming and branding rights for Bangur Nagar Metro Station, among others.

Why are corporates spending on station branding?

For companies, a metro station offers something that conventional advertising often struggles to provide: repeated visibility in a specific location, among a largely captive audience of daily commuters. This can help a brand build familiarity over time, particularly in neighbourhoods where it has a large office, commercial development or customer base.

For technology and real estate companies clustered along Bengaluru's Outer Ring Road, for instance, station partnerships also offer a practical business benefit. Funding a station or a walkway can improve access to their campuses, potentially making daily commutes easier for employees and visitors. There is also a reputational aspect in which companies can position their contributions as investments in the city's public infrastructure rather than merely as advertising expenditure.

About the Author

Samiksha Goel is a Bengaluru‑based journalist at Mint with seven years of experience reporting on startups, venture capital and strategic business narratives. She specialises in investigative reporting and company strategy‑focused stories that go beyond surface‑level developments to unpack why and how companies evolve, pivot and compete. Samiksha has been among the first to chronicle major startup sagas, from early deep dives into the GoMechanic story to nuanced analyses of shifting dynamics between food‑tech platforms like Swiggy and their restaurant partners, bringing clarity to complex, fast‑moving markets.<br><br>Before joining Mint, she was at The Morning Context, where she produced long‑form investigative pieces on consumer internet startups. She began her journalism career with Deccan Herald and The New Indian Express, covering emerging ventures and the broader business ecosystem. Drawing on a background in philosophy, she brings analytical rigour and intellectual curiosity to her reporting.<br><br>Outside her professional work, Samiksha enjoys reading, especially historical fiction and magic realism, going on day treks from Bengaluru, exploring the city’s food scene, and experimenting with fun recipes in her kitchen. Her days are spent digging into startups, untangling company strategies, and occasionally getting lost on a walk by a Bengaluru lake, sometimes in that order.