Varaha, an India-founded carbon removal project developer, announced a Series B financing round of approximately $45 million and said it has closed the first $20 million tranche led by WestBridge Capital.
The company said it will use the new capital to accelerate geographic expansion, strengthen scientific and measurement, reporting, and verification capabilities, and scale a new industrial partnership model intended to extend Varaha’s carbon removal platform globally.
Varaha said it develops carbon removal projects across four pathways: biochar, afforestation, reforestation and revegetation, regenerative agriculture, and enhanced rock weathering. The company also cited commercial traction from long-term carbon offtake agreements with Google, Microsoft, and a major U.S.-based aviation company, and said it has delivered one of the highest volumes of durable carbon removal credits among project developers globally to date.
Alongside the funding announcement, Varaha launched the Varaha Industrial Partners Program, a biochar-focused partnership model aimed at industrial operators worldwide. Under the program, partners with gasification capabilities and access to sustainable biomass can use Varaha’s digital MRV and carbon credit origination processes. Varaha said it will train partner staff, install sensors, implement its MRV system, and bring resulting credits to market, either as offsets or as insetting credits to support partners’ decarbonization goals.
Varaha said the program is already operational through a project with a large cashew company in West Africa, multiple agribusiness partners in India, and a major Indian steel company pursuing decarbonization goals.
The company said RTP Global, which led Varaha’s Series A, participated in the Series B with a super pro-rata investment, and that Omnivore also joined the round after investing at the early stage. Varaha described the investment as WestBridge Capital’s first climate tech investment.
Founded in 2022, Varaha said it is headquartered in Gurgaon, India, and operates more than 20 carbon projects across India, Nepal, Bangladesh, Bhutan, and the Ivory Coast, with a stated mission of scaling smallholder farmer-led climate solutions that remove carbon from the atmosphere while strengthening rural livelihoods.
KEY QUOTES
“Varaha has built what very few companies globally have: deep scientific credibility in a nascent industry alongside a commercially viable business model. 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.”
Sandeep Singhal, Co-founder And Managing Partner, WestBridge Capital
“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. Climate solutions only matter if they scale with integrity. 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. We invite operators globally to join us in scaling climate impact.”
Madhur Jain, CEO And Co-Founder, Varaha
“From the very first meeting, Madhur’s vision and the Varaha team’s dedication to execution stood out. It’s rare to see business potential and real impact come so naturally aligned — and it’s a privilege for us to support Varaha at every step of this journey. We genuinely believe this team has what it takes to build a game-changing climate solution, and we’re proud to be part of that story.”
Galina Chifina, CEO And Partner, RTP Global
“Our decision to double down reflects strong confidence in the team’s long-term vision and their potential to build a leading global carbon removal company. The strength of this fundraise, along with long-term offtake agreements with companies like Google and Microsoft, reinforces Varaha’s credibility and the momentum behind its trajectory.”
Mark Kahn, Managing Partner, Omnivore
