New Delhi, Dec 18 (PTI) Skymet Weather Services todaysaid it has raised a series C round of funding from theInsuResilience Investment Fund.
The proceeds of the investment will help Skymet expandits AWS network and secure new business in weather data, cropmeasurement, climate analytics, and disaster management,thereby extending its outreach to de-risk vulnerable Indianfarmers from climate change, Skymet said in a release.
The company however did not disclose the amount ofinvestment.
"We are delighted to partner the InsuResilienceInvestment Fund and BlueOrchard on this journey. Theirknowledge of climate change and insurance makes them an idealpartner for us," says Jatin Singh, founder and ManagingDirector of Skymet.
Set up on behalf of the German government by KfW andmanaged by Swiss-based impact investment manager BlueOrchardFinance, the InsuResilience Investment Fund has acquired a26.8 per cent stake in Skymet.
The transaction also entails a partial secondary purchaseof shares from existing investors, including Omnivore andDMGT.
Omnivore is an impact venture fund that invests instartups from India developing breakthrough technologies forfood, agriculture, and rural economy, while DMGT is amultinational portfolio of media, information and eventsbusinesses.
The secondary portion of the investment is subject toregulatory approvals, the release said.
EY acted as the exclusive financial advisor to Skymet forthis transaction. PTI DRRANU.
This is unedited, unformatted feed from the Press Trust of India wire.