India-based climate technology startup Varaha has secured $20 million in funding as part of a planned $45 million Series B round, led by WestBridge Capital. This investment marks WestBridge’s first foray into climate tech and includes contributions from existing investors RTP Global and Omnivore. Since its founding in 2022, Varaha has raised approximately $33 million in equity, $35 million in project finance, and $500,000 in grants for its carbon removal initiatives across Asia and Africa.
With India emerging as a key location for carbon removal due to low operating costs and a robust agricultural supply chain, Varaha aims to provide cost-effective verified emissions reductions. Co-founder and CEO Madhur Jain emphasized that Varaha’s strength lies in execution rather than proprietary technology, given the financial pressures on companies purchasing carbon credits.
Varaha collaborates with smallholder farmers and industrial partners to develop projects utilizing regenerative agriculture, agroforestry, biochar, and enhanced rock weathering. It sells verified carbon credits through international registries, boasting the removal of over 2 million tonnes of COâ‚‚ and generating 150,000 carbon removal credits from 14 projects.
The startup reported revenues of approximately $4.76 million last fiscal year and anticipates growth to about $11.06 million this year. It has secured long-term agreements with major companies, including Google and Microsoft, and currently operates in India, Nepal, Bangladesh, Bhutan, and Ivory Coast, engaging around 175,000 farmers across 1.7 million acres.
Funding will further expand Varaha’s reach into South and Southeast Asia, including Vietnam and Indonesia, while rolling out an industrial partner program for generating verified biochar credits. With about 225 employees, primarily based in India, Varaha is positioning itself as a global leader in carbon removal from its base in India.
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