Climate-tech startup Varaha raises $20 Mn in Series B led by WestBridge Capital

Climate-tech startup Varaha has raised $20 million in the first tranche of its Series B round led by WestBridge Capital. Existing investors RTP Global and Omnivore also participated. The Series B round is sized at around $45 million.  

The funding comes after a gap of two years since Varaha raised its $8.7 million Series A round led by RTP Global in February 2024.

The proceeds will be used to expand Varaha’s global footprint, strengthen its scientific and measurement, reporting and verification (MRV) systems, and scale a new industrial partnership model focused on biochar-based carbon removal.

Co-founded in 2022 by Madhur Jain, Ankita Garg and Vishal Kuchanur, Varaha develops carbon removal projects across biochar, afforestation and reforestation, regenerative agriculture, and enhanced rock weathering. The company operates projects across India and other parts of South Asia and Africa, working closely with local operators and smallholder farmers.

Alongside the funding, Varaha has launched the Varaha Industrial Partners Program (VIPP). Through this program, industrial operators with biomass and gasification capabilities can partner with Varaha to generate verified carbon removal credits using its MRV platform and carbon credit origination infrastructure.

Varaha has signed long-term carbon offtake agreements with global companies including Google and Microsoft, and has delivered a large volume of durable carbon removal credits to date. 

The Gurugram-based company currently runs over 20 carbon projects across India, Nepal, Bangladesh, Bhutan, and Ivory Coast.