Cleantech Startup Varaha Raises $4 Million In Seed Funding
Varaha, a platform for generating carbon credits, has raised $4 million in a seed funding round led by Orios Venture Partners. The funding round also saw participation from Omnivore, RTP Global, Better Capital, and angel investors, including Kunal Shah.
As per the startup, the raised funds will be used to focus on talent acquisition and expand its operations across South Asia.
Varaha | Reversing Climate Change Through Conscious Interventions
Founded by Madhur Jain, Ankita Garg, and Vishal Kuchanur in 2022, Varaha is a tech startup at the intersection of – climate, nature and technology.
The cleantech startup provides ways for smallholder farmers to generate carbon credits via nature-based solutions based on advanced remote sensing analytics, machine learning, and biomass/soil modelling.
Speaking about the development, Madhur Jain, Co-founder of Varaha, said,
“Varaha’s tech platform creates fully traceable, high-integrity, carbon offsets from nature-based solutions. The sale of such offsets will catalyse climate positive activities, augment the income of smallholder farmers and rural communities, and increase biodiversity.”
Based out of Gurugram and Bengaluru, Varaha is on a mission to provide agriculture as a solution to climate change while helping farmers increase their income. It facilitates smallholder farmer enrolment, verification of carbon credits, GHG quantification, and sale to buyers looking for high-integrity credits.
The startup encourages farmers to adapt regenerative agriculture practices by creating high-quality carbon credits that augment their income while also reducing their operating costs.
Varaha is currently working across six Indian states and has signed a Memorandum of Understanding with several institutions.
Commenting on the development, Anup Jain, Managing Partner, Orios Venture Partners, said,
“With the undeniable impact of climate change, purchasing carbon credits to offset emissions will soon become a necessity for all commercial entities. We are excited to support and invest in Varaha as they address this large market of identifying, authenticating, and making the credits available for purchase in domestic or global markets by working with India’s farmers.”