Climatetech startup Varaha raises $8.7M in a Series A round led by RTP Global, others

Varaha, a climatetech startup, has raised $8.7 million in a Series A funding round led by RTP Global, an early-stage venture capital firm.

The round also saw participation from existing investors Omnivore and Orios Venture Partners. Additionally, this round marked the first investment by Norinchukin Bank, one of Japan's largest institutional investors, in an Indian startup.

Amplifying impact in the fight against climate change

According to the startup, the raised capital would be used towards several strategic initiatives aimed at amplifying its impact in the fight against climate change.

The startup plans to enhance its technology and science functions, expand its team, and invest in supply chain growth. A portion of the fudns will also be used to extend its operations into new territories, including East Africa and Southeast Asia, over the next 18 months.

Assisting corporations in offsetting their carbon emissions

Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha assists corporations in offsetting their carbon emissions. By collaborating with farmers in India, Nepal, Bangladesh, and beyond, Varaha implements regenerative agriculture practices that reduce greenhouse gas emissions. 

These efforts not only contribute to the global fight against climate change but also support the agricultural sector in adopting more sustainable practices, the startup said.

Varaha's approach to carbon credit generation

Varaha's unique Measurement, Reporting, and Verification (MRV) platform leverages remote sensing, machine learning, and scientific research to quantify the reduction of greenhouse gases.

The startup said the approach has enabled the enrollment of over 700,000 acres of land across India, Bangladesh, Nepal, and Kenya in Varaha's projects. It claims to have contracting and selling more than 230,000 carbon credits, with plans to generate 1.2 million by the end of FY25 and 2.8 million in FY26.

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