Varaha, a climate tech startup based in India, has recently secured $20 million in fresh funding to support its carbon removal projects in the Global South. The company aims to position itself as a cost-effective supplier of verified emissions reductions while scaling its operations. This funding round is part of a larger $45 million Series B round led by WestBridge Capital, marking the venture firm’s first foray into climate tech investments. Existing investors, including RTP Global and Omnivore, also participated in this round.
Founded in 2022, Varaha has raised a total of $33 million in equity funding, in addition to $35 million in project financing and $500,000 in grants. The company focuses on developing carbon removal projects across Asia and Africa, leveraging the lower operating costs and abundant technical talent available in India. As corporate demand for verified emissions reductions grows, especially from companies with high energy consumption from data centers and AI workloads, India has emerged as a strategic location for carbon removal initiatives.
Varaha distinguishes itself through its execution-focused approach rather than relying on proprietary technology. By operating in regions with lower costs, the company aims to deliver carbon removal at a more competitive price while meeting international verification standards. According to Madhur Jain, co-founder and CEO of Varaha, high operating costs could pose a challenge for carbon removal developers in wealthier markets as prices become more competitive.
The company’s carbon removal projects span across regenerative agriculture, agroforestry, biochar, and enhanced rock weathering, collaborating with smallholder farmers and industrial partners in emerging markets. Varaha sells verified carbon removal credits through various international registries, positioning itself as a reliable supplier for global corporations seeking independently validated emissions reductions.
Varaha has already removed over 2 million tons of carbon dioxide through 14 active projects, generating approximately 150,000 carbon removal credits. The company reported revenue of ₹430 million in the last financial year and anticipates revenue to reach nearly ₹2 billion this year while remaining profitable.
Varaha has secured long-term offtake agreements with major global buyers such as Google and Microsoft, as well as corporate partners like Lufthansa, Swiss Re, and Capgemini. The company currently operates in India, Nepal, Bangladesh, Bhutan, and Ivory Coast, engaging with thousands of farmers across millions of acres.
In addition to expanding into new markets in South and Southeast Asia, Varaha is introducing an Industrial Partners Program to collaborate with industrial operators on generating biochar-based carbon removal credits. The company’s workforce of 225 to 230 employees, with a significant presence in India, is dedicated to driving its mission of scalable and impactful carbon removal solutions.
With a strong focus on execution and integrity, Varaha is poised to build a global carbon-removal platform from India. The recent investment from WestBridge Capital underscores the potential of Varaha to shape the future of climate infrastructure on a global scale.
