Varaha, a climate tech startup, has raised $45 million in a Series B funding round led by WestBridge Capital.
The company will use this money to expand into new regions, strengthen its science and monitoring systems, and build new partnerships with industrial companies.
“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, Gurugram-based Varaha focuses on carbon removal through four main methods: biochar; tree-based projects such as afforestation, reforestation, and revegetation (ARR); regenerative agriculture; and enhanced rock weathering (ERW).
The startup has signed long-term carbon credit purchase deals with major U.S. companies, including Google, Microsoft, and a large U.S.-based aviation company.
For its next phase of growth, Varaha is launching the Varaha Industrial Partners Program (VIPP). This program focuses on biochar partnerships with industrial players worldwide. Partners with gasification technology and access to sustainable biomass can use Varaha’s digital monitoring, reporting, verification (MRV) tools and carbon credit expertise.
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