Skymet raises 12 cr debt fund to bolster its ground observation & precision

Skymet, a leading private weather forecasting and agriculture risk solutions major has secured 12 crore in debt funding from Caspian Impact Investments and Northern Arc. Skymet has raised the funds to boost its ground observation systems and prediction of floods and cyclones precisely in East India.

Yogesh Patil, CEO, Skymet says, “The amount raised will help a lot in setting up more ground observation units is Eastern India which is very much prone to natural calamities like floods, cyclones etc which in turn would help our country to mitigate the risks and provide accurate data to farmers in those areas. We are happy to grow our relationship with Northern Arc and Capian Impact Investments in this journey.”

The market research hints that the requirement for more precise prediction has unleashed a wider domain for the global weather forecasting and services market to rise from $1.2 billion in 2016 to $2.7 billion by 2023. However, the recent investment by these two firms in Skymet boosts investors' confidence in the weather and agricultural sector during these troubled times of the pandemic, states the firm.

Furthermore, Skymet offers weather data services to numerous media houses and also works extensively in the farmer’s network by providing tech-enabled weather solutions to cut down their risk and in turn escalating their productivity. Also, the firm is increasing its focus on using the weather forecasting data for farming and is rapidly collaborating with different organizations to supply their needs for weather data so that it can be used for precision farming.

The size of the weather forecasting industry in India is pegged to be around $100 Mn and has a lot of scope and opportunities which haven’t been exploited yet.

Skymet has about 6,500 observation centres that provide real-time data on rainfall, thunder, lightning, and heat. The company aims to increase the size of the network and bring BFSI under insurance, lending as well as weather forecast and Management.

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