Business

InsuResilience takes 26.8% in weather tracking firm

Skymet Weather Services, a weather monitoring company, announced that InsuResilience Investment Fund had acquired a 26.8% stake in the company by investing an undisclosed amount.

InsuResilience was set up on behalf of the German government by KfW and managed by Swiss-based investment manager BlueOrchard Finance. Skymet provides climate, weather, and crop analytics to insurance companies, banks, agribusinesses and public sector institutions in India.

Skymet has India’s largest network of automatic weather stations (6,000 automatic weather station units) along with the country’s only lightning detection network, which allows the firm to track thunderstorms in real time.

The investment proceeds will help Skymet to expand its station 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, the company said in a statement.

Partial purchase

The transaction also entails a partial secondary purchase of shares from existing investors, including Omnivore and DMGT, according to the statement.

Omnivore is a venture fund that invests in start-ups from India developing breakthrough technologies for food, agriculture and the rural economy.

DMGT is a multinational firm with a portfolio in media, information and the events businesses. The secondary portion of the investment is subject to regulatory approvals.

“This investment allows Skymet to further expand our capabilities in mitigating weather risks across India,” said Jatin Singh, founder and managing director of Skymet. Ernst & Young LLP was the exclusive financial advisor to Skymet for the transaction.


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Printable version | Oct 28, 2021 8:24:47 AM | https://www.thehindu.com/business/insuresilience-takes-268-in-weather-tracking-firm/article21858768.ece

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