Latest Caspian Impact Investments News
Jul 28, 2021
According to Allied Market Research, need for more accurate prediction has unleashed a wider domain for the global weather forecasting market to grow from $1.2 bn in 2016 to $2.7 bn by 2023 Topics Your Email: Send me a copy: https://mybs.in/2Zg2DZq Skymet provides weather data services to numerous media houses and also works extensively in the farmers network by offering tech-enabled weather solutions to decrease their risk and in turn increasing their productivity. ALSO READ 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, one of the leading venture debt investment funds. Skymet raised the funds to bolster its ground observation systems and accurate prediction of floods and cyclones in East India. “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”," said Yogesh Patil, CEO, Skymet Weather. According to Allied Market Research, the need for more accurate prediction has unleashed a wider domain for the global weather forecasting and services market to grow from $1.2 billion in 2016 to $2.7 billion by 2023. 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, asid the company in a statement. Skymet provides weather data services to numerous media houses and also works extensively in the farmers network by offering tech-enabled weather solutions to decrease their risk and in turn increasing their productivity. The company 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. Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.