Varaha, a climate-tech company that generates carbon credits through nature-based solutions, has raised $30 million in funding from Mirova, an affiliate of Natixis Investment Managers focused on sustainable investing.
The funds will be used to support Varaha’s Kheti soil carbon project, which helps smallholder farmers in India adopt regenerative agriculture practices.
The initiative aims to transition more than 337,000 farmers across 675,000 hectares in Haryana and Punjab towards regenerative practices such as direct seeding of rice, crop residue management, and reduced tillage, said a company statement.
“This partnership is a strong validation of Varaha’s vision to make regenerative agriculture a cornerstone of India’s climate strategy. Our work with thousands of smallholder farmers demonstrates that large-scale, high-integrity carbon projects can also deliver meaningful livelihood benefits. With deep on-ground operations and industry-leading MRV systems, we’ve built a model that combines scientific rigor with real smallholder community impact,” said Madhur Jain, MD & CEO, Varaha.
Founded by agriculture engineers Madhur Jain, Ankita Garg, and Vishal Kuchanur in 2022, Varaha positions itself as a full-stack climate-tech company that aims to offset greenhouse gas emissions by developing and incentivising nature-based carbon projects through carbon credits.
The company offers climate solutions that build soil organic carbon, afforest agricultural lands, and generate biochar, empowering smallholder farmers across South Asia through carbon solutions.
Headquartered in Gurugram, Varaha operates 13 carbon projects across India, Nepal, and Bangladesh.
“This transaction—our largest carbon deal to date and our first in India under the natural capital platform—marks a pivotal milestone in our strategy. It opens up new avenues to scale high-integrity nature-based investments across the Asia-Pacific region. Kheti exemplifies how carbon finance can drive systemic transformation in agriculture while strengthening the resilience of vulnerable rural communities,” said Charlotte Lehmann, Senior Investment Director, Mirova.
Since 2020, Mirova claims to have mobilised more than $350 million from corporate partners to support nature-based carbon projects, building a leading expertise fully integrated within its natural capital platform.
