Gurugram-based climate tech startup Varaha has closed a $45 million (₹406 crore) Series B round led by WestBridge Capital — marking the prominent investment firm's first foray into climate technology. The first tranche of $20 million has been disbursed, with the remaining $25 million expected in a subsequent close.
Funding Details
| Detail | Information |
|---|---|
| Round | Series B |
| Total size | $45 million (~₹406 crore) |
| First tranche | $20 million (closed) |
| Second tranche | $25 million (upcoming) |
| Lead investor | WestBridge Capital (first climate tech deal) |
| Participating investors | RTP Global, Omnivore (existing backers) |
| Previous round | $8.7M Series A (Feb 2024, led by RTP Global) |
| Total equity raised | ~$33 million + $35M project finance |
What Varaha Does
Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha develops carbon removal projects across multiple pathways:
- Biochar: Converting agricultural waste into stable carbon that can be stored for centuries
- Afforestation, Reforestation & Revegetation (ARR): Planting and restoring forests
- Regenerative Agriculture: Farming practices that capture carbon in soil
- Enhanced Rock Weathering (ERW): Using crushed rock to absorb CO₂ from the atmosphere
Impressive Traction — Global Customers
What makes Varaha stand out is its customer list and revenue growth:
Long-Term Offtake Agreements
- Google — Multi-year carbon removal purchase agreement
- Microsoft — Long-term offtake for carbon removal credits
- Lufthansa — Aviation industry carbon offset partner
- Swiss Re — Insurance giant's sustainability commitment
- Capgemini — Enterprise IT sustainability partner
Revenue & Profitability
- FY25 Revenue: ₹430 million (~$4.76 million)
- FY26 Forecast: ₹2 billion (~$22 million) — nearly 5x growth
- Profitability: Profitable after tax
Scale of Operations
- Carbon removed: 2 million+ tons of CO₂ across 14 active projects
- Carbon credits generated: ~150,000 carbon removal credits
- Farmers engaged: 170,000–175,000 farmers
- Land covered: ~1.7 million acres
- Countries: India, Nepal, Bangladesh, Bhutan, and Ivory Coast
New Initiative — Varaha Industrial Partners Program (VIPP)
Alongside the funding, Varaha unveiled VIPP, a new initiative aimed at scaling biochar-based carbon removal through partnerships with industrial operators globally. This platform approach allows factories and industrial plants to integrate carbon removal into their operations.
Why WestBridge Capital Invested
WestBridge Capital co-founder and managing partner Sandeep Singhal confirmed this is the firm's first climate tech investment. The decision was driven by:
- Varaha's proven revenue and profitability
- Blue-chip customer base (Google, Microsoft)
- Scalable multi-pathway approach to carbon removal
- Strong unit economics in the voluntary carbon market
- India's unique advantage in climate tech (large agricultural base, favorable geography)
"Varaha has built something rare in climate tech — a profitable, high-growth company with world-class customers and a scalable technology platform. This was the right entry point for us into this space." — Sandeep Singhal, WestBridge Capital
India's Climate Tech Moment
Varaha's raise comes at a pivotal time for Indian climate tech:
- Budget 2026 allocated ₹20,000 crore for green energy and sustainability
- India's carbon credit market is rapidly maturing with upcoming regulations
- Global corporations are mandating Scope 3 emissions reduction, creating demand for high-quality carbon credits
- India's agricultural sector provides unique advantages for nature-based carbon removal
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