Weather Startup Skymet Raises Rs 12 Cr In Debt Round From Northern Arc And Caspian Impact Investment
- ByStartupStory | July 28, 2021
Skymet, India’s leading private Weather Forecasting and Agriculture Risk Solutions Company has raised Rs 12 crore in debt funding from Northern Arc and Caspian Impact Investments, a leading venture debt investment fund. Skymet Raised funds to strengthen its ground monitoring system and accurately predict floods and cyclones in eastern India. Yogesh Patil, CEO, skymet Weather, “The increased amount will go a long way in setting up more ground observation units in eastern India, which is heavily affected by natural calamities like floods, cyclones etc., which in turn will help our country to reduce the risks and provide accurate data to farmers. will help provide. Area. We are delighted to continue our association with Northern Arc and Capian Impact Investments in this journey.”
According to Allied Market Research, the need for more accurate prediction has opened up a wider domain for global Weather. The forecast and services market will grow from $1.2 billion in 2016 to $2.7 billion by 2023. Recent investments by these two firms skymet This enhances investor confidence in the weather and agriculture sector during these difficult times of the pandemic, the company said in a statement.
Skymet provides weather data services to multiple media houses and works extensively across the network of farmers, providing tech-enabled weather solutions to reduce their exposure and in turn increase their productivity. The company is increasing its focus on using weather forecast data for agriculture and is increasingly collaborating with various organizations to meet their needs for weather data so that it can be used for precision farming. The size of the weather forecasting industry in India is estimated to be around $100 million and has huge scope and opportunities which are yet to be tapped. Skymet has around 6,500 observation centers that provide real-time data on rain, thunder, lightning and heat. The company aims to increase the size of the network and bring BFSI under insurance, lending as well as weather forecasting and management.
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