Vizag, Andhra Pradesh-based startup, Geo Climate Risk Solutions Pvt. Ltd. (Geo Climate), has received an offer for funding of ₹2 crore from Gas Authority of India Limited (GAIL), India’s largest state-owned natural gas marketer, reported The Hindu.
Geo Climate builds Environmental Risk Management Solutions using geospatial information, satellite remote sensing techniques, and Spatial Analytics for Humanitarian fields, Industry and communities. The startup is currently under incubation at the NASSCOM Warehouse at Innovation Valley and is recognized by government of India’s ‘Startup India’.
GAIL has recognized Geo Climate as a GAIL Pankh Emerging Startup. The Vizag (or Visakhapatnam ) startup will get a funding of ₹2 crore by GAIL, under the later’s initiative called Pankh, which aims to nurture startup entrepreneurs and for same GAIL has set up a fund to the tune of $7.7 million.
Founded in 2014, by Prasad Babu, an IIT Kanpur alumnus, Geo Climate works towards finding sustainability solutions for environment, industries, location intelligence, artificial intelligence and machine learning, socio-economic and risk analytics.
Prasad Babu, who has worked with the UNDP, the United Nations’ global development network, said “I started the venture with my savings, and now with GAIL funding, we are confident of scaling up soon. We have received an investment from GAIL to upscale our product which deals with sustainability solution. We also provide risk information and possible risk reduction and adaptation strategies through a location intelligence and spatial technologies platform,” he said.
Besides Geo Climate, GAIL ha earlier invested in Hungry Foal, a Gurugram based food-tech startup, in November 2017.
Last August, GAIL has sought shareholder approval to amend the company’s charter to invest in startups in core business areas and non-core areas (like health, social and environment, safety, and security) either directly or indirectly.
Besides investing in startups, GAIL also sought approval to build solar power plants and set up battery charging stations for electric vehicles (EV) as it looks to diversify its portfolio beyond gas and petrochemicals.