Climate-tech startup Varaha has successfully raised $8.7 million in a Series A funding round, with RTP Global leading the investment. Existing investors, including Omnivore and Orios Venture Partners, also participated, along with Japan’s largest institutional investor, Norinchukin Bank, AgFunder, and IMC Pan Asia Alliance Group’s investment arm, Octave Wellbeing Economy Fund.
Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha is dedicated to connecting entities seeking to offset their carbon footprints with nature-based projects that either remove carbon or have a neutral carbon impact. Utilizing advanced technology, scientific models, remote sensing, and machine learning, Varaha evaluates and oversees over 700,000 acres of such projects across India, Nepal, Bangladesh, and Kenya.
The Series A funding will be instrumental in Varaha’s plans to expand its footprint into more geographies in Asia and Africa. The startup is actively hiring across various roles in science and technology, carbon supply, and the founder’s office.
In India, Varaha aims to launch new carbon projects focusing on regenerative agriculture, afforestation, and biochar – a method converting biomass into charcoal-like material. The startup is in advanced discussions with Indian corporates in consumer products, agriculture, and chemicals to collaborate on projects centered around decarbonizing agricultural supply chains, carbon credit sales, and increasing investments in existing projects.
While the carbon credits marketplace in India is in its nascent stages, Varaha’s strategic move aligns with ongoing discussions about evaluation methods and the creation of industry-specific or company-specific indexes for carbon offsetting requirements.
