Climate-tech startup Varaha raises USD 8.7 million from investors to grow business

New Delhi: Varaha, a climate-tech company that specialises in generating carbon credits from nature, on Thursday said it has raised USD 8.7 million (around Rs 72 crore) from investors to expand the business.

With this funding, Varaha, founded in 2022 by Madhur Jain (Co-Founder & CEO), Ankita Garg (Co-Founder & COO), and Vishal Kuchanur (Co-Founder & CTO), will increase its geographic presence in Southeast Asia and Sub-Saharan Africa and bolster tech and scientific capabilities, the company said in a statement.

The amount has been raised in the Series A funding round led by RTP Global with contributions from Omnivore and, Orios – both returning investors – and marks the inaugural investment by Norinchukin Bank, one of Japan's largest institutional investors, in an Indian startup.

The round also saw participation from AgFunder, and Octave Wellbeing Economy Fund, an investment arm of IMC Pan Asia Alliance Group.

Varaha helps leading global companies striving to achieve net zero through its diversified portfolio offerings of high-quality, science-backed carbon credits.

"Varaha’s Measurement, Reporting and Verification (MRV) platform uses remote sensing, machine learning, and scientific research to quantify the sequestration and reduction of greenhouse gases from regenerative agriculture, afforestation, and biochar projects," the statement said.

Their projects also enhance productivity, boost crop yields, save water, increase biodiversity, and raise climate adaptation.

Varaha has enrolled over 700,000 acres of land across India, Bangladesh, Nepal, and Kenya.

The company has already contracted and sold more than 230,000 carbon credits across a diversified project portfolio.

Its customers include Climate in Denmark, Good Carbon in Germany, and Carbon Future in Switzerland among others.