Climate tech firm Varaha raises $8.7 million

Varaha, a climate technology startup, has secured $8.7 million in its latest funding round, led by RTP Global, with participation from existing investors Omnivore, Orios Venture Partners, and Norinchukin Bank of Japan.

The funding will be allocated towards enhancing its technology, expanding its team, strengthening its supply chain, and venturing into new markets, particularly in East Africa and Southeast Asia, within the next 18 months, as per the official statement of Varaha.

Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha collaborates with intermediaries, on-the-ground partners, and NGOs to mitigate carbon emissions in farming practices, facilitating large corporations in obtaining carbon credits or offsets in return.

Leveraging technologies like remote sensing, blockchain, and science-based quantification tools, the Gurugram-based startup positions agriculture as a solution to enhance farmers’ income. Varaha currently operates in Punjab, western UP, Nepal, and Bangladesh, focusing on improving crop microbial strength, preventing crop residue burning, and enhancing soil health through biological interventions.

Varaha aims to generate 230,000 carbon credits this year, with projections to produce 1.2 million by FY25 and 2.8 million by FY26. Notable competitors of Varaha in the climate-tech sector include Carbon Masters, Climes Inc., Ambee, and Achyutha Innovation, among others.