Varaha, a climate tech business, has raised $8.7 million in its most recent fundraising round, which was spearheaded by RTP Global. Existing investors Omnivore, Orios Venture Partners, and Norinchukin Bank, a cooperative bank in Japan, also participated in the round.
The money will be used to expand the company’s supply chain, bolster its technology, bolster the strength of its workforce, and explore new markets over the next 18 months, such as Southeast Asia and East Africa.
Co-founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha assists large corporations in obtaining carbon credits or offsets in exchange for reducing carbon emissions in farming methods through partnerships with on-the-ground organizations and intermediaries.
The Gurugram-based startup claims that it uses science-based quantification tools and models, blockchain, remote sensing, and agriculture as a way to help farmers boost their income. The firm collaborates with farmers in Bangladesh and Nepal as well as in Punjab and western Uttar Pradesh to increase the microbial strength of crops, refrain from burning crop leftovers, and increase the microbial strength of soil through biological treatments.
According to Varaha, it has a contract to produce 230,000 carbon credits this year and plans to produce 2.8 million carbon credits in FY26 and 1.2 million carbon credits by the end of FY25.
Other well-known climate-tech startups include Carbon Masters, Ambee, Climes Inc., Achyutha Innovation, and others.
