Climate tech startup Varaha has raised $8.7 million as a part of its latest funding round led by RTP Global. The round also saw participation from existing investors Omnivore, Orios Venture Partners and Japanese cooperative bank, Norinchukin Bank.
The funds will be utilised to strengthen its technology, double down on its team strength, invest in growing its supply chain and make foray into newer geographies, including East Africa and Southeast Asia region over the next 18 months, Varaha said in a press release.
Co-founded in 2022 by Madhur Jain, Ankita Garg and Vishal Kuchanur, Varaha works with intermediaries and on-ground partners and NGOs to help reduce carbon emissions in farming practices, while helping large corporations gain carbon credits or carbon offsets in return.
According to the Gurugram-based company, it leverages technologies such as remote sensing, blockchain, science-based quantification tools and models to provide agriculture as a solution to help farmers increase their income. The startup works with farmers in Punjab, and western UP to improve microbial strength of crops, abstain from the burning of crop residue and improve microbial strength of soil through biological interventions and also works with farmers of Nepal and Bangladesh.
Varaha says that it has been contracted to generate 230,000 carbon credits this calendar year and aims to generate 1.2 million carbon credits by the end of FY25 and 2.8 million carbon credits in FY26.
The other notable startups in the climate-tech space are Carbon Masters, Climes Inc., Ambee, Achyutha Innovation and others.
