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Wednesday, January 25, 2023
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Varaha secures $4M to expand its cleantech business

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Varaha has secured $4 million in a funding round led by Orios Venture Partners. The cleantech startup will use the money to grow  and rapidly scale across smallholder geographies.

Cleantech startup Varaha  has secured $4 million in its early stage seed round of funding.  With the most recent funding, the business intends to engage with Orios, Omnivore, and RTP Global to rapidly scale across smallholder areas.

Orios Venture Partners led the round, which also included Omnivore, RTP Global, Better Capital, and other angel investors including Kunal Shah.

Varaha was established in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur and is based in Gurugram and Bengaluru.

Madhur Jain, co-founder and CEO of Varaha, commented on the fundraiser, saying, “Varaha’s digital platform generates carbon offsets from nature-based solutions. The selling of these offsets will stimulate climate-friendly activities, boost rural communities’ and smallholder farmers’ incomes, and boost biodiversity.  As we quickly grow across smallholder geographies, we are thrilled to embark on this adventure in partnership with Orios, Omnivore, and RTP Global.”

Varaha is modernizing the carbon market with a variety of climate action programmes that are examined using cutting-edge machine learning, remote sensing analytics, and biomass/soil modelling.

Varaha has inked MOUs with several institutions and is now active in six states of India.

Anup Jain, managing partner at Orios Venture Partners, commented on the fundraising effort, saying, “Given the clear effects of climate change, buying carbon credits to offset emissions will soon become a need for all commercial companies.  In order to address this significant market of locating, authenticating, and making the credits accessible for purchase in domestic or international markets by collaborating with Indian farmers, we are thrilled to support and invest in Varaha.”

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