- Bengaluru-based Varaha platform has raised $4 million in a seed funding round.
- The platform was founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur.
Bengaluru-based Varaha, a technology-enabled platform for generating carbon credits through nature-based solutions, has raised $4 million in a seed funding round led by Orios Venture Partners, with Omnivore, RTP Global, Better Capital, and other angel investors participating.
Varaha was founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur to modernise carbon markets through diverse climate action projects that are vetted using advanced remote sensing analytics, machine learning, and biomass/soil modeling.
“Varaha’s tech platform creates carbon offsets from nature-based solutions. The sale of such offsets will catalyze climate-positive activities, augment the income of smallholder farmers and rural communities, and increase biodiversity,” said Madhur Jain, Co-Founder & CEO of Varaha.
At present, the startup operates across 6 Indian states and has signed a Memorandum of Understanding (MOUs) with several institutions. It plans to use the raised capital to hire talent and expand its operations across South Asia.
Commenting on the investment, Anup Jain, Managing Partner, Orios Venture Partners, said, “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.