Climate-tech startup Varaha Secures First Tranche of Series B Funding Round

Climate-tech startup Varaha has secured $20 million in the first tranche of its $45 million Series B round, led by WestBridge Capital, with participation from RTP Global and Omnivore.

Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha enables businesses to offset their carbon footprint by purchasing carbon credits.

The Gurugram-based firm works across biochar, afforestation, regenerative agriculture, and enhanced rock weathering with active projects across India and West Africa. The startup also uses satellite imagery, remote sensing, and AI models to accurately measure plant matter across large areas.

Earlier this year, the company signed a carbon credit offtake agreement with Microsoft to remove over 100,000 tonnes of carbon dioxide over three years through its biochar carbon removal project in India.

Microsoft will support the setup of 18 biochar reactors across India’s cotton belt, each costing around Rs 9.2 crore. Over a 15-year operating life, these reactors are expected to enable more than 2 million tonnes of CO₂ removal.

In January 2025, climate-tech startup Varaha signed a deal with Google to sell biochar carbon credits to help the tech giant achieve net-zero emissions across all its operations and value chains by 2030. 

Biochar projects also help smallholder farmers in India earn additional income by selling crop residues, such as cotton stalks and other agricultural waste. This is highly significant in farming regions, where crop-residue burning contributes to air pollution each harvest season. 

Applying biochar to the soil improves water retention, increases soil fertility, and enhances drought resilience.

In October 2025, Varaha achieved Asia’s first registry-backed Enhanced Rock Weathering carbon credit issuance, where it will work with smallholder cotton farmers in Madhya Pradesh.

Varaha plans to employ the funds to drive global expansion and strengthen MRV (measurement, reporting, verification) capabilities. Furthermore, the company also plans to launch the Industrial Partners Programme to scale carbon projects with global operators. 

Varaha was featured in Change Started’s 2024 Green Startup edition. Read here.