Noida-based weather forecaster and agri-risk solutions provider Skymet Weather Services has raised funds in its Series-C round from German government’s InsuResilience Investment Fund by selling 26.8% stake.
Skymet is currently backed by venture fund Omnivore Partners and DMGT, a global B2B information company. Both partially sell their stakes in this round.
DMGT invested close to Rs 25 crore in Skymet in 2014, while Omnivore Partners invested Rs 4.5 crore in the Series A round of funding for a 33% stake in the company in August 2011.
Ernst & Young LLP acted as the exclusive financial advisor to Skymet for this transaction. However, it did not disclose the amount of investment.
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“We are delighted to partner the InsuResilience Investment Fund and BlueOrchard on this journey. Their knowledge of climate change and insurance makes them an ideal partner for us,” says Jatin Singh, founder and Managing Director of Skymet.
Incorporated in 2003, by Jatin, Skymet is the only weather forecast services provider in the private sector in India, competing against the state-owned Indian Meteorological Department.
The company has expanded to provide services in 10 languages. It plans to add more languages and take its services to other countries besides starting a weather-focused TV channel in India.
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Skymet is one of India’s largest weather monitoring and agri-risk solutions companies, with expertise in measuring, predicting and limiting climate risk to agriculture. It provides climate, weather, and crop analytics to insurance companies, banks, agribusinesses and public sector institutions in India.
The company said the latest round of funding will help it to expand its AWS network and secure new business in weather data, crop measurement, climate analytics and disaster management, thereby extending its outreach.
The above development was first reported by mint.
