Climate tech startup Varaha raised $8.7M led by RTP Global

Climate tech startup Varaha raised $8.7M led by RTP Global

Climate tech startup Varaha has recently raised $8.7 million in a funding round led by RTP Global. The round also saw participation from existing investors Omnivore, Orios Venture Partners, and Japanese cooperative bank, Norinchukin Bank.

About Varaha

Varaha is an end-to-end developer of carbon credits that generates these credits by working with thousands of smallholder farmers across India, Bangladesh, Nepal, and Kenya. The company was co-founded in 2022 by agricultural engineer Madhur Jain, along with Ankita Garg (COO) and Vishal Kuchanur (CTO).

Varaha’s mission is to help farmers reduce climate-harming practices like burning crop residue and flooding rice fields. The company 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 Gurugram-based company claims to use advanced technologies like remote sensing, blockchain, and science-based quantification tools to help farmers increase their income. The startup collaborates with farmers in Punjab and Western UP to enhance the microbial strength of crops and soil through biological interventions. It also encourages farmers to refrain from burning crop residue. Additionally, the company works with farmers in Nepal and Bangladesh to achieve its goals.

Impact and Future Plans

Varaha’s efforts have positioned it as a leading project developer for carbon credits, incentivizing thousands of smallholders towards sustainable practices. The company has already made significant strides, enrolling over 700,000 acres of land across India, Bangladesh, Nepal, and Kenya. It plans to increase this number by 4X in the next 12-15 months.

Varaha has already contracted and sold more than 230,000 carbon credits across a diversified project portfolio. Its customers include some of the largest marketplaces in the world, such as Klimate in Denmark, Good Carbon in Germany, Carbon Future in Switzerland, and top-tier companies in Europe.

With the recent funding, Varaha is poised to accelerate its efforts, empower smallholders, integrate cutting-edge technology, and foster sustainable practices. The company is also exploring the potential of Enhanced Rock Weathering, a method that boosts soil fertility and sequesters atmospheric carbon long-term.

In conclusion, the recent funding round is a testament to Varaha’s commitment to drive impactful change in the agricultural sector. With nearly 24% of global greenhouse gas emissions stemming from the agricultural sector, Varaha’s mission to sequester and reduce carbon emissions is more critical than ever. With the support of its investors, Varaha is set to roll up its sleeves and continue its trailblazing efforts in the climate tech space.