Varaha, a pioneering climatetech startup, has secured $8.7 million in a Series A funding round spearheaded by RTP Global, an early-stage venture capital firm. The financing round also witnessed the participation of existing investors Omnivore and Orios Venture Partners. Notably, this milestone marks the debut investment by Norinchukin Bank, one of Japan’s premier institutional investors, in an Indian startup.
As per the startup’s announcement, the raised capital will fuel several strategic initiatives aimed at amplifying its impact in the battle against climate change. Varaha intends to bolster its technology and scientific capabilities, bolster its team, and allocate resources towards expanding its supply chain. A portion of the funds will also be allocated to extend its operations into new territories, including East Africa and Southeast Asia, within the next 18 months.
Established in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha aids corporations in mitigating their carbon emissions. Through partnerships with farmers in India, Nepal, Bangladesh, and beyond, Varaha implements regenerative agriculture practices that mitigate greenhouse gas emissions. These endeavors not only contribute to the global campaign against climate change but also foster the adoption of more sustainable practices within the agricultural sector, the startup emphasized.
Varaha’s distinctive Measurement, Reporting, and Verification (MRV) platform harnesses remote sensing, machine learning, and scientific research to quantify the reduction of greenhouse gases. The startup underscored that this approach has facilitated the enrollment of over 700,000 acres of land across India, Bangladesh, Nepal, and Kenya in Varaha’s projects. It asserts to have contracted and sold more than 230,000 carbon credits, with plans to generate 1.2 million by the conclusion of FY25 and 2.8 million in FY26.
