India-based Varaha recently secured $8.7 million in Series A funding to advance its climate tech, focusing on measuring and quantifying carbon sequestration and emissions reduction in agriculture projects. The funding round was led by RTP Global, with participation from Omnivore, Orios, Norinchukin Bank, AgFunder, and Octave Wellbeing Economy Fund. Varaha, founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, is named after a Hindu deity’s avatar and aims to combat the environmental impact of agriculture, which contributes to 24% of global emissions.
The company employs a three-step approach: first, collecting data from farmers on their practices and crops; second, validating these practices using remote sensing and machine-learning models; and third, quantifying emissions reductions and sequestration. Varaha offers an end-to-end project developer for carbon credits, specifically designed for smallholder farmers, helping them transition to climate-friendly practices. Farmers receive a significant portion of the carbon credit value, providing an additional income source.
Varaha’s unique model has garnered attention, and Galina Chifina from RTP Global sees its potential as a game-changer in the industry. Beyond carbon credits, Varaha focuses on creating systemic change in farming practices, leading to increased income and soil fertility. Despite an initial slight decrease in yield during the first two years of transitioning to sustainable practices, the long-term benefits include higher productivity and profitability for farmers. The new funds will support Varaha’s expansion in Asia and East Africa, emphasizing its commitment to sustainable agriculture and environmental impact.
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