Gurugram-based climate-tech startup Varaha has raised $8.7 million in a Series A funding round emphasizing its commitment to sustainable agriculture by leveraging technological advancements to generate carbon credits and drive positive change in the global climate-tech landscape.
The Series A funding round was led by RTP Global, marking the inaugural investment by Japan’s Norinchukin Bank in an Indian startup. The round also saw participation from existing investors Omnivore, Orios Venture Partners, AgFunder, and Octave Wellbeing Economy Fund.
In a statement released on Thursday, Varaha outlined its plans to utilize the funds to expand its geographic footprint in Southeast Asia and Sub-Saharan Africa, enhance its technological capabilities, and fortify its team. The company, founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, specializes in generating carbon credits through nature-based solutions.
Geographic Expansion and Technological Advancements
Varaha’s primary focus with the funding is to extend its presence in Southeast Asia and Sub-Saharan Africa over the next 18 months.
The startup aims to strengthen its technology by leveraging remote sensing, machine learning, and scientific research through its Measurement, Reporting, and Verification (MRV) platform.
The MRV platform quantifies greenhouse gas sequestration and reduction in projects related to regenerative agriculture, afforestation, and biochar.
Varaha’s noteworthy achievements include enrolling over 700,000 acres of land across India, Bangladesh, Nepal, and Kenya. The company collaborates with intermediaries, on-ground partners, and NGOs to reduce carbon emissions in farming practices, providing large corporations with carbon credits in return.
Driving Sustainable Agriculture
Varaha’s approach involves working with farmers to implement sustainable practices, such as abstaining from crop residue burning and enhancing soil microbial strength through biological interventions. The startup operates in Punjab, western Uttar Pradesh, Nepal, and Bangladesh, contributing to increased crop yields, water conservation, and biodiversity.
The Gurugram-based company has committed to generating 230,000 carbon credits in the current calendar year, aiming to reach 1.2 million carbon credits by the end of FY25 and 2.8 million carbon credits in FY26.
Growing Landscape of Climate-Tech Startups
Varaha is among several notable startups in the climate-tech space, including Carbon Masters, Climes Inc., Ambee, and Achyutha Innovation. The growing focus on climate technology reflects the increasing global emphasis on sustainable practices and environmental conservation.
In summary, Varaha’s successful funding round underscores the rising importance of climate-tech solutions. The investment will fuel the startup’s global expansion and contribute to the larger narrative of leveraging technology for sustainable and environmentally conscious business practices.
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