WarahaIndia-based climate technology startup, has raised $20 million in fresh funding as it looks to scale carbon removal projects from the Global South and position itself as a low-cost supplier to reduce verified emissions.
The investment is the first part of a $45 million Series B round planned to be led by WestBridge Capital, the venture firm’s first investment in climate technology, with participation from existing investors including RTP Global and Omnivore. Founded in 2022, Varaha has raised about $33 million in equity to date, along with $35 million in project financing and a $500,000 grant, for building carbon removal projects in Asia and Africa.
India has emerged as an increasingly important base for carbon removal projects, offering lower operating costs, a deep agricultural supply chain, and an abundance of technical talent as corporate demand for verified removals increases, including from companies facing increasing energy use from data centers and AI workloads. Varaha positions itself to capitalize on these advantages, arguing that its execution-focused model allows it to deliver carbon at a lower cost while meeting the same international verification standards as its higher-priced competitors in Europe and North America.
Varaha’s advantage lies less in proprietary technology and more in execution, co-founder and chief executive Madhur Jain said in an interview, arguing that high operating costs could be a constraint for carbon removal developers in wealthier markets as prices come under pressure.
“If a carbon credit is a cost to the business that buys these carbon credits … it’s a cost on the balance sheet. It’s not a CSR item,” Jain told TechCrunch. “And so, if the cost of a certain geography will be high by an order of magnitude like, 1.5x to 3x the credit production, it will be very difficult for the company to survive.”
Varaha develops carbon removal projects in four main tracks: regenerative agriculture, agroforestry, biochar, and enhanced rock weathering, he works a lot with small farmers and industry partners in emerging markets. The startup produces and sells verified carbon removal credits through international registries, including Puro.earth, Isometric, Verra, Gold Standard, and the Swiss-based Carbon Standards International, positioning itself as a supplier to global companies looking for sustainable and independently validated emission reductions.
To date, Varaha has removed more than 2 million tons of carbon dioxide in 14 active projects, generating about 150,000 carbon removal credits, Jain said. He added that the startup is the first in India to issue carbon credits from biochar projects and the first in Asia to issue credits from enhanced rock weathering through an international registry.
Techcrunch event
Boston, MA
|
June 23, 2026
Varaha reported revenue of ₹430 million (about $4.76 million) last financial year from posted credits and expects revenue to rise to nearly ₹2 billion (about $22.15 million) this year, but remains profitable after tax.
The startup has signed long-term offtake agreements with global buyers including Google and Microsoftas well as companies such as Lufthansa, Swiss Re, and Capgemini.
Varaha currently operates in India, Nepal, Bangladesh, Bhutan, and Ivory Coast, working with about 170,000 to 175,000 farmers on more than 1.7 million hectares, Jain said. The latest funding will be used to expand into additional markets in South and Southeast Asia, including Vietnam and Indonesia, while increasing our presence in existing geographies.
The startup also launched an Industry Partner Program, which allows industrial operators with access to sustainable biomass and gasification capacity to generate verified biochar-based carbon removal credits using Varaha’s measurement, reporting, and verification system. The program has been operating with partners in West Africa and India, including agribusinesses and steel producers, as Varaha seeks to decarbonise through partnerships rather than owning all its own assets.
“The problem is so big that the technology, etc., will be open source for some time,” Jain said. “So the most important thing is execution.”
Varaha employs approximately 225 to 230 people, including approximately 55 in technology, science, product and data, with more than 80% of the workforce based in India. While the startup does not maintain offices overseas, it has staff in markets including Nepal, Germany, the US, and Australia, reflecting its growing international customer base.
“We believe Varaha is uniquely positioned to build a global decarbonisation platform from India, combining integrity, scale and impact,” said Sandeep Singhal, co-founder and managing partner, WestBridge Capital. “This investment reflects our belief in our team and their potential to shape the next phase of climate infrastructure around the world.”