Varaha Raises $20 Million in Series B Tranche to Scale High-Integrity Carbon Removal Projects
Introduction
India’s climate-tech ecosystem is rapidly emerging as a global force, with startups addressing some of the world’s most pressing environmental challenges through science-led innovation. One such company is Varaha, a Gurugram-based carbon removal project developer, which has raised fresh capital to accelerate the scale and global reach of its climate solutions. The funding marks a significant milestone as Varaha strengthens its position in the fast-evolving carbon removal and climate infrastructure space.
About the Funding
Varaha has raised $20 million in the first tranche of its ongoing Series B funding round, led by WestBridge Capital, as part of a larger round in which the company aims to raise approximately $45 million. Existing investors RTP Global and Omnivore also participated in the round with follow-on investments, reaffirming their confidence in Varaha’s long-term vision and execution capabilities.
This investment marks WestBridge Capital’s first climate-tech investment, highlighting growing institutional interest in science-backed, scalable climate solutions emerging from India.
Use of Funds
The newly raised capital will be deployed to accelerate Varaha’s geographic expansion, strengthen its scientific and Measurement, Reporting, and Verification (MRV) capabilities, and scale a newly launched industrial partnership model. The company aims to extend its carbon removal platform to global partners while maintaining high standards of integrity, transparency, and scientific validation.
A key focus will be scaling Varaha’s proprietary systems that enable accurate carbon measurement and verification—an increasingly critical requirement as scrutiny of voluntary carbon markets intensifies worldwide.
About the Startup
Founded in 2022, Varaha is a carbon removal project developer operating across multiple nature-based and technology-enabled pathways. The company develops projects across biochar, afforestation, reforestation and revegetation (ARR), regenerative agriculture, and enhanced rock weathering (ERW)—four of the most credible and scalable approaches to long-term carbon dioxide removal.
Headquartered in Gurugram, Varaha currently operates over 20 carbon removal projects across India, Nepal, Bangladesh, Bhutan, and the Ivory Coast, positioning it as one of Asia’s largest developers of high-integrity carbon removal credits.
How It Started and the Founders?
Varaha was co-founded by Madhur Jain, who serves as CEO and Co-Founder, Ankita Garg (Co-founder and COO), Vishal Kuchanur (Co-founder and CTO), with a mission to build a science-first, globally credible carbon removal platform from India. The founding vision centred on solving two parallel challenges: removing carbon dioxide from the atmosphere at scale while strengthening smallholder farmer livelihoods through climate-positive practices.
Since inception, Varaha has focused heavily on scientific rigor, digital verification, and transparent methodologies—areas often criticised within the voluntary carbon market. This emphasis has helped the company build credibility with global buyers seeking durable, high-quality carbon removal credits.
Market Opportunity
Varaha operates within the rapidly expanding global carbon removal market, driven by increasing net-zero commitments from large corporations and governments. Demand is shifting away from short-term offsets toward durable, high-integrity carbon removal solutions that deliver measurable climate impact.
The company’s long-term ambition is to help sequester one billion tonnes of CO₂e, primarily through smallholder farmer-led projects. With climate regulations tightening and corporate sustainability goals becoming more stringent, the addressable market for verified carbon removal is expected to grow significantly over the next decade.
Business Model and Commercial Traction
Varaha has built strong commercial momentum through long-term carbon offtake agreements with global buyers. Notably, the company has signed agreements with Microsoft for carbon credits generated from its biochar projects in India, along with similar deals involving Google and a major US-based aviation company.
These multi-year agreements provide predictable revenue visibility and validate Varaha’s approach to combining scientific integrity with commercial scalability. The company has already delivered one of the highest volumes of durable carbon removal credits globally among project developers.
Varaha Industrial Partners Program (VIPP)
As part of its next phase of growth, Varaha has launched the Varaha Industrial Partners Program (VIPP)—a biochar-focused partnership model designed to scale carbon removal through industrial collaboration. Under VIPP, industrial operators with gasification capabilities and access to sustainable biomass can partner with Varaha to generate verified carbon removal credits.
Varaha provides end-to-end support, including digital MRV systems, sensor installation, third-party verification, and carbon credit origination. The resulting credits can be sold as offsets or used as insetting credits to support partners’ own decarbonisation goals. The program is already operational, with projects underway in West Africa, India, and with a major Indian steel company.
Investor Perspective
Investors backing the round highlighted Varaha’s rare combination of deep scientific credibility and a commercially viable business model. WestBridge Capital noted that the company is uniquely positioned to build a global carbon removal platform from India, capable of delivering integrity, scale, and long-term impact.
Existing investors RTP Global and Omnivore also reiterated their conviction in Varaha’s leadership and execution, citing strong demand signals from global enterprise customers.
Conclusion
Varaha’s $20 million Series B tranche marks a defining moment in its journey to build one of the world’s most credible carbon removal platforms. With robust science, strong commercial traction, and expanding global partnerships, the company is well-positioned to play a meaningful role in shaping the future of climate infrastructure.
As demand for verified, durable carbon removal accelerates globally, Varaha stands out as a climate-tech company combining impact, scale, and integrity—built from India for the world.
At Angeltors, we track high-conviction climate-tech and deep-tech startups shaping the future of global infrastructure. Follow Angeltors for curated funding stories, founder insights, and early signals from India’s private markets.
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