Varaha, an India-based climate tech startup, has secured $20 million in new funding to expand its carbon removal projects in the Global South. This funding is the initial portion of a $45 million Series B round, led by WestBridge Capital, marking the venture firm’s first investment in climate tech. Varaha aims to position itself as a cost-effective provider of verified emissions reductions, focusing on executing carbon removal projects across Asia and Africa.
Founded in 2022, Varaha has accumulated a total of about $33 million in equity funding, along with $35 million in project financing and $500,000 in grants. The startup leverages India’s advantages, such as lower operating costs, robust agricultural supply chains, and a skilled technical workforce, to meet the escalating corporate demand for verified carbon removals. Varaha emphasizes an execution-driven approach to deliver carbon removal at a reduced cost, while meeting international verification standards.
Madhur Jain, Varaha’s CEO, highlighted the significance of cost efficiency in carbon credit production, stressing that high operating costs in wealthier markets could pose challenges for sustainability. By focusing on regenerative agriculture and other pathways, Varaha aims to make substantial contributions to carbon removal efforts in the Global South.
Source: TechCrunch