New Delhi, Feb. 4 -- Varaha ClimateAg Pvt Ltd, a developer of high-integrity carbon removal projects, has raised about $45 million (around Rs 407.2 crore) in a Series B funding round and closed the first tranche of $20 million, led by homegrown private equity firm WestBridge Capital.
Existing investor RTP Global, which led Varaha's Series A round, participated in the Series B with a super-pro rata investment, the company said, adding that early-stage investor Omnivore also joined the round.
The announcement comes after VCCircle reported in October last year that the company was in talks to raise Series B funding. Previously, Varaha raised $4 million in a seed funding round led by Orios Venture Partners in May 2022, with participation from Omnivore, RTP Global, and others. It also raised $8.7 million in a Series A round in 2024, led by RTP Global with participation from existing investors Omnivore and Orios.
The company plans to use the Series B capital for geographic expansion, strengthening scientific and measurement, reporting and verification systems, and scaling a new industrial partnership model focused on biochar-based carbon removal.
Founded in India, Varaha develops carbon removal projects across biochar, afforestation, reforestation, revegetation, regenerative agriculture, and enhanced rock weathering. The company has signed long-term carbon offtake agreements with Google, Microsoft and a US-based aviation company.
Varaha claims that it has delivered one of the highest volumes of durable carbon removal credits globally to date.
The Series B marks WestBridge Capital's first investment in climate technology. "Varaha has built what very few companies globally have: deep scientific credibility in a nascent industry alongside a commercially viable business model," said Sandeep Singhal, co-founder and managing partner at WestBridge Capital.
"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," Singhal added.
Varaha is headquartered in Gurgaon and operates more than 20 carbon removal projects across India, Nepal, Bangladesh, Bhutan, and the Ivory Coast.
Alongside the fundraiser, the company launched the Varaha Industrial Partners Program, or VIPP, a biochar-focused partnership model for industrial operators globally. Under the programme, partners with gasification capabilities and access to sustainable biomass can use Varaha's digital systems and carbon credit origination infrastructure. The credits can be sold in the voluntary carbon market or used for insetting toward corporate decarbonisation goals.
"This round reflects the continued confidence of investors and customers in Varaha's science-led carbon removal solutions and our ability to scale them globally," said Madhur Jain, chief executive officer and co-founder of Varaha.
"With VIPP, we're opening our platform to industrial partners worldwide. If you have biomass and gasification capabilities, we can help you generate verified carbon removal credits," Jain said.
Published by HT Digital Content Services with permission from VC Circle.