Varaha Closes USD 20 Mn First Tranche of USD 45 Mn Series B Round The Series B round was led by WestBridge Capital, with participation from existing investors RTP Global and Omnivore.
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Gurugram-based climate tech startup Varaha has announced a Series B funding round of approx. USD 45 million, with the first tranche of USD 20 million led by WestBridge Capital.
The startup also unveiled the Varaha Industrial Partners Program (VIPP), a new initiative aimed at scaling biochar-based carbon removal through partnerships with industrial operators globally.
Founded in 2022 by Madhur Jain, Ankita Garg and Vishal Kuchanur, Varaha develops carbon removal projects across multiple pathways including biochar, afforestation, reforestation and revegetation (ARR), regenerative agriculture, and enhanced rock weathering (ERW). The company works closely with smallholder farmers to improve rural livelihoods while addressing climate change through science-driven approaches.
According to the startup, the newly raised capital will be used to expand Varaha's geographic footprint, strengthen its scientific research and Measurement, Reporting and Verification (MRV) capabilities, and scale its new industrial partnership model.
Varaha currently operates more than 20 carbon removal projects across India, Nepal, Bangladesh, Bhutan, and the Ivory Coast.
Varaha claims to have built commercial traction through long-term carbon offtake agreements with global technology companies such as Google and Microsoft, along with a major U.S.-based aviation company. It claims to have delivered one of the highest volumes of durable carbon removal credits among global project developers to date.
Madhur Jain, CEO and Co-founder of Varaha, said, "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."
Through the VIPP initiative, industrial partners with access to sustainable biomass and gasification infrastructure can use Varaha's digital MRV systems to generate verified carbon removal credits. Jain added, "With VIPP, we're opening our platform to industrial partners worldwide."
The VIPP is already operational, with projects underway involving a large cashew company in West Africa, several agribusiness partners in India, and a major Indian steel company pursuing decarbonization goals.
Existing investor RTP Global has participated in the Series B round with a super pro-rata investment, while Omnivore, an early-stage backer, has also joined the round.
