Varaha, a carbon project developer, has announced the initiation of a Series B funding round, targeting approximately $45 million. The company has successfully closed an initial tranche of $20 million, aimed at expanding its operational capabilities and reach.
Established in India in 2022, Varaha focuses on nature-based solutions, primarily collaborating with smallholder farmers to achieve large-scale carbon removal. The firm is on a mission to sequester one billion tonnes of CO2 equivalent on smallholder lands. Currently, Varaha operates 20 carbon projects across South Asia, employing methods such as regenerative agriculture, agroforestry, biochar, and enhanced rock weathering.
This capital raise follows a recent agreement with Microsoft for a 100,000-tonne carbon removal deal, alongside other offtake agreements with Google and a leading aviation company.
Madhur Jain, CEO and Co-Founder of Varaha, stated, “This round reflects the continued confidence of investors and customers in Varaha’s science-led carbon removal solutions and our ability to scale them globally. Climate solutions only matter if they scale with integrity.”
As part of its growth strategy, Varaha is launching the Varaha Industrial Partners Program, a biochar-focused partnership model tailored for industrial operators. This initiative allows partners with gasification capacity and access to sustainable biomass to leverage Varaha’s expertise in digital measurement, verification systems, and carbon credit origination. Varaha will provide training, install monitoring sensors, manage verification, and facilitate the market introduction of the resulting credits, either as offsets or insetting credits aligned with partners’ decarbonisation efforts.
The program is already operational with several companies across emerging markets.
The $20 million round was led by WestBridge Capital, marking the firm’s inaugural investment in climate technology. Existing investors RTP Global and Omnivore also participated in this Series B round.
Sandeep Singhal, Co-Founder and Managing Partner at WestBridge Capital, commented, “Varaha has built what very few companies globally have: deep scientific credibility in a nascent industry alongside a commercially viable business model. We believe Varaha is uniquely positioned to build a global carbon removal platform from India, combining integrity, scale, and impact.”
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