Varaha raises $20M in first tranche of Series B funding led by WestBridge Capital
The funding is part of the climate-tech firm’s larger Series B round in which it aims to raise around $45 million.
Carbon removal project developer Varaha has raised $20 million as part of its larger $45 million Series B round, led by WestBridge Capital.
RTP Global, one of the firm’s early backer, also joined the round with a pro-rata investment, along with Omnivore, who was one of its early-stage investors.
The newly-raised funding will be used to help Varaha’s geographic expansion, strengthen its scientific and MRV (measurement, reporting, and verification) capabilities, and scale a new industrial partnership model that will look to extend its capabilities to global partners, said the company in a statement.
Under the Varaha Industrial Partners Program (VIPP) the company will parter with industrial operators with gasification capabilities and access to sustainable biomass to help leverage Varaha’s MRV capabilities and carbon credit origination.
The company said its VIPP is already operational, with projects underway involving a large cashew producer in West Africa, several agribusiness partners in India, and a major Indian steel company pursuing decarbonisation goals.
The Gurugram-based company develops carbon removal projects across fourth pathways, which includes biochar, afforestation, reforestation, and revegetation, regenerative agriculture, and enhanced rock weathering (ERW).
This news comes weeks after the firm signed an offtake agreement with Microsoft for the sale of carbon credits through the company’s biochar carbon removal project in India. It has also struck similar agreements with Google as well as a major US-based aviation company.
“Varaha has built what very few companies globally have: deep scientific credibility in a nascent industry alongside a commercially viable business model. We believe Varaha is uniquely positioned to build a global carbon-removal platform from India, combining integrity, scale, and impact. This investment reflects our conviction in the team and their potential to shape the next phase of climate infrastructure worldwide,” said Sandeep Singhal, Co-founder and Managing Partner, WestBridge Capital.