Orios Venture Partners led the $4 million seed fundraising round for Varaha, a platform for creating carbon credits.
In addition to Omnivore, RTP Global, Better Capital, and angel investors including Kunal Shah took part in the round, as per reported by VCCircle.
According to a statement from the company, the funds will be used to concentrate on hiring top talent and growing its business throughout South Asia.
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“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,” said co-founder Madhur Jain.
Madhur Jain, Ankita Garg, and Vishal Kuchanur formed the firm in 2022 to help smallholder farmers generate carbon credits using nature-based solutions based on powerful remote sensing analytics, machine learning, and biomass/soil modelling.
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“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,” said Anup Jain, managing partner, Orios Venture Partners.
The Gurugram and Bengaluru-based startup creates high-quality carbon credits to help farmers adopt regenerative agriculture by increasing their income and lowering their operating costs. Six Indian states employ Varaha.
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“We are always eager to support innovations that improve farmer incomes while building resilience with climate-conscious practices. Varaha delivers on all counts and we are delighted to support their vision,” Mark Kahn, managing partner at Omnivore said.
Climate, nature, and technology all come together at the startup company Varaha, which focuses on all three. The company combines cutting-edge technology such as remote sensing and blockchain, in addition to models and tools based on scientific research.
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