Varaha, a climate tech startup, has raised $8.7 million in its most recent funding 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.
According to a press release from Varaha, the money will be used to expand the company’s supply chain, bolster its technology, bolster the strength of its team, and explore new markets over the next 18 months, such as Southeast Asia and East Africa.
Established in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha collaborates with NGOs, on-the-ground partners, and intermediaries to mitigate carbon emissions from farming practices. In exchange, the organization assists large corporations in obtaining carbon offsets or credits.
The Gurugram-based business claims that it uses technology like blockchain, remote sensing, and science-based quantification tools and models to provide agriculture as a way to help farmers raise their income. In order to increase the microbial strength of crops, avoid burning crop residue, and increase the microbial strength of soil through biological interventions, the startup collaborates with farmers in Punjab, western Uttar Pradesh, Bangladesh, and Nepal.
In addition to generating 230,000 carbon credits this year, Varaha says it has a contract to generate 1.2 million carbon credits by the end of FY25 and 2.8 million carbon credits in FY26.
Carbon Masters, Climes Inc., Ambee, Achyutha Innovation, and other noteworthy startups are among those in the climate-tech space.
