Climate tech startup Varaha raises $45 mn in Series B round

Varaha, a climate tech startup, has raised $45 million in its Series B funding round, led by WestBridge Capital.

The newly raised funds will be used to expand into new regions, improve its scientific and monitoring (MRV) capabilities, and grow a new industrial partnership model.

“In climate tech so far, while several investments have been made, very few companies have scaled to a level where they can absorb the kind of capital and opportunity we typically invest behind. Varaha is probably the first, or among the first, companies in India to reach that stage, where it can now attract large, mainstream capital,” cofounder and managing partner Sandeep Singhal said, explaining WestBridge’s decision to start investing in this space.

“What we are seeing now is a more direct, mainstream climate approach, where companies capture carbon from emissions and store it back in the ground. These are still early trends,” he added.

Founded in 2022, the Gurugram-based Varaha works on carbon removal projects through four methods: biochar, afforestation, reforestation and revegetation (ARR), regenerative agriculture, and enhanced rock weathering (ERW). 

The startup has signed long-term carbon credit purchase agreements with major U.S. companies, including tech giants google and Microsoft, as well as a large U.S.-based aviation company.

As part of its next growth phase, Varaha is launching the Varaha Industrial Partners Program (VIPP), which focuses on biochar partnerships with industrial operators around the world. Through this program, partners that have gasification technology and access to sustainable biomass can use Varaha’s expertise in digital Measurement, Reporting and Verification (MRV) and carbon credit generation.

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