Varaha, a climate-tech startup focused on offsetting greenhouse gas emissions, has secured $8.7 million in its latest funding round led by early-stage venture capital firm RTP Global. Other participants in the round include existing investors Omnivore and Orios Venture Partners, along with Japanese cooperative bank Norinchukin Bank.
The funding will be allocated towards enhancing Varaha’s technology and scientific capabilities, bolstering its team, and expanding its supply chain. Additionally, the company aims to venture into new territories, particularly East Africa and Southeast Asia, within the next 18 months.
Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha collaborates with intermediaries, on-ground partners, and NGOs to mitigate carbon emissions in farming practices. By facilitating the adoption of regenerative agriculture techniques, Varaha assists large corporations in offsetting their carbon emissions.
Varaha operates primarily in regions like Punjab and western UP in India, where it works with farmers to enhance crop microbial strength, discourage crop residue burning, and improve soil health through biological interventions. The company also extends its efforts to farmers in Nepal and Bangladesh.
With contracts to generate 230,000 carbon credits in the current calendar year, Varaha sells these credits to carbon credit marketplaces and corporates. It aims to produce 1.2 million carbon credits by the end of FY25 and 2.8 million by FY26.
Galina Chifina, a partner on RTP Global’s Asia investment team, views Varaha as positioned at the intersection of improving the lives of Indian farmers through technology and addressing climate challenges. The company plans to expand to six new geographies and double its team to over 100 members in the upcoming fiscal year.
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By Ravi Kumar
