Varaha Secures $8.7 Million in Series A Funding to Accelerate Global Expansion

• ByStartupStory     |    February 22, 2024

Climate-tech startup Varaha announced a successful funding round, raising USD 8.7 million to fuel the company’s growth and advance its mission of generating carbon credits from nature. The Series A funding, led by RTP Global, included contributions from returning investors Omnivore and Orios, along with a groundbreaking investment from Norinchukin Bank, one of Japan’s largest institutional investors.

Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha aims to expand its geographical footprint in Southeast Asia and Sub-Saharan Africa, while also strengthening its technological and scientific capabilities.

Varaha’s unique approach involves utilizing its Measurement, Reporting, and Verification (MRV) platform, which integrates remote sensing, machine learning, and scientific research. This enables the precise quantification of greenhouse gas sequestration and reduction achieved through regenerative agriculture, afforestation, and biochar projects.

In a statement, Varaha highlighted the broader impact of its projects, which extend beyond carbon credit generation. Their initiatives contribute to enhanced productivity, increased crop yields, water conservation, biodiversity preservation, and improved climate adaptation.

Varaha has successfully enrolled over 700,000 acres of land across India, Bangladesh, Nepal, and Kenya, underscoring the company’s commitment to global environmental stewardship.

The Series A funding round saw participation from AgFunder and Octave Wellbeing Economy Fund, an investment arm of IMC Pan Asia Alliance Group. Varaha has already contracted and sold more than 230,000 carbon credits, with a clientele that includes Klimate in Denmark, Good Carbon in Germany, and Carbon Future in Switzerland.

Madhur Jain, Co-Founder & CEO of Varaha, expressed gratitude for the support, stating, “This investment will propel Varaha to new heights as we work towards a sustainable future. We are proud to have a diverse group of investors who share our vision and commitment to combating climate change through innovative solutions.”

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