Deal Street

December 26, 2017

Skymet secures series C funding from InsuResilience investment fund


skymet-weather-servises

Weather forecasting services provider Skymet Weather Services has closed a series C round of funding from the InsuResilience Investment Fund. The company didn't disclose the amount of funding raised but said that InsuResilience Investment Fund has acquired 26.8% stake in the company along with partial secondary purchase of shares from existing investors, Omnivore and DMGT.

"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.

Wadia Ghandy advised InsuResilience, represented by Partner Radhika Bhatt and Associate Lohitash Sirsikar.

The Desai & Diwanji team acted on behalf of Skymet, its promoters, Omnivore and DMG led by Partner Siddharth Mody and Senior Associate Rahul Deodhar.

InsuResilience Investment Fund was set up on behalf of the German government by KfW and is managed by Swiss-based impact investment manager BlueOrchard Finance and it is reported that the proceeds of this investment will help Skymet expand its AWS network and secure new business in weather data, crop measurement, climate analytics, and disaster management, thereby extending its outreach to de-risk vulnerable Indian farmers from climate change.

Omnivore is an impact venture fund that invests in startups from India developing breakthrough technologies for food, agriculture, and rural economy, while DMGT is a multinational portfolio of media, information and events businesses.

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