Carbon project developer Varaha announced the launch of a Series B financing round of about $45 million, with the closing of an initial $20 million tranche, as the company looks to expand its reach and capabilities.
Founded in India in 2022, Varaha specializes in nature-based solutions, with a focus on working with smallholder farmers to help remove carbon from the atmosphere at a planetary scale, and a mission to sequester one billion tonnes of CO2e on smallholder lands. The company operates 20 carbon projects across South Asia, focused on approaches including regenerative agriculture, agroforestry, biochar and enhanced rock weathering.
The new capital raise follows the recent announcement of a 100,000 tonne carbon removal deal with Microsoft, in addition to offtake agreements with Google and a major aviation company.
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.”
As part of its next phase of growth, Varaha is launching the Varaha Industrial Partners Program, a biochar-focused partnership model designed for industrial operators. Under the program, partners with gasification capacity and access to sustainable biomass can use Varaha’s digital measurement and verification systems and carbon credit origination expertise. Varaha provides training, installs monitoring sensors, manages verification, and brings the resulting credits to market, either as offsets or as insetting credits tied to partners’ own decarbonization efforts.
The program is already active through projects with some companies across emerging markets.
The $20 million round was led by investment firm WestBridge Capital, marking the firm’s first deal in climate technology. Existing investors RTP Global and Omnivore also participated in the Series B round.
Sandeep Singhal, Co-Founder and Managing Partnet at WestBridge Capital, said:
“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.”
