In the global fight of climate change and its impact on developing economies,Varaha stands out dedicating to transforming the agricultural sector by focusing on carbon neutral and mitigation through nature based solutions. Launched in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha uses innovative technologies combined with nature-based solutions to store carbon, improve biodiversity, and empower smallholder farmers in Asia and Africa.
Varaha’s Road Map
Varaha wants to sequester one billion tonnes of carbon dioxide by 2030. Since agriculture is responsible for almost 24% of the world’s greenhouse gas emissions, Varaha focuses on decarbonising agriculture through sustainable agriculture practices. By combining science and technology with finance, Varaha aims to deliver scalable solutions for the environment and local communities.
Innovative Nature-Based Solutions
Varaha’s approach centers on implementing nature-based interventions that not only mitigate climate change but also improve agricultural productivity and resilience. Key initiatives include:
- Regenerative Agriculture: Advocating for practices such as zero tillage, crop rotation, and cover cropping to improve soil health and carbon sequestration
- Afforestation and Reforestation: Restoring degraded lands by planting diverse native tree species, increasing carbon sinks and biodiversity.
- Biochar Production: Converting agricultural waste to biochar using pyrolysis which locks the carbon in the soil for centuries and improves soil fertility.
- Enhanced Rock Weathering (ERW): Applying finely crushed rock to soils to accelerate natural carbon capture processes and enhance soil nutrients.
These projects are tailored to the specific needs of local ecosystems and farming communities, ensuring both environmental and socio-economic benefits.
Varaha’s Technological Backbone
Varaha’s initiates with an advanced Measurement, Reporting, and Verification (MRV) platform. The MRV platform uses remote sensing, machine learning, and scientific-based models to quantify greenhouse gas reductions. By fostering transparency and verifiability, Varaha enables trust between stakeholders and promotes the creation of quality carbon credits.
The MRV platform offers farmers a mobile application to collect ground data and maintain their practices and engagement in carbon markets.
Varaha’s Reach and Global Impact
Varaha’s initiative has evolved considerably from its naive beginnings as a startup which aimed to directly address climate change and support economic development. As Varaha’s work has grown and evolved, so has its operational footprint in India, Nepal, Bangladesh, Kenya and Tanzania; even new countries to enter in Asia and Sub-Saharan Africa.
Varaha has engaged over 100,000 smallholder farmers, with farmers collectively managing over 700,000 acres of land where there have been coffee agroforestry plantings. Varaha has helped to remove over 2 million tonnes of CO₂e from the atmosphere through their projects, and contracted and sold over 230,000 high-quality carbon credits to global buyers, including major technology companies like Google. This reflects Varaha’s growing credibility in sustainable development and the visionary premise underlying their work with marginalised communities.
Funding and Partnerships
Varaha’s groundbreaking model has given investors a lot of confidence resulting in the receipt of considerable funding across multiple funding rounds. In December 2022, the company raised a total of $4 million in Seed funding led by Omnivore and Orios Venture Partners.
The company completed a Series A round of $7 million in January 2024 with leading and well-regarded investors such as RTP Global, Norinchukin Bank, AgFunder, amongst others. Varaha also received multimillion-dollar project investment from Conductor Capital based in the UK to help grow carbon projects in India and Nepal. Overall, these investments are allowing Varaha to build technological capacities, scale its operations, and enhance environmental impact across different geographies.
Empowering Smallholder Farmers
Developing the carbon economy and promoting the economic viability of smallholder farmers is core to Varaha’s mission. Farmers are reducing their carbon footprint through sustainability practices and earning additional income from carbon credit revenue at the same time. Varaha establishes baseline revenue shares with smallholders (e.g. typically 70% of carbon revenue) in a model to embed financial inclusiveness and access to resilience.
Varaha’s Future Prospects
As Varaha looks to the future, it wants to expand its farmer base by four times in the next twelve to fifteen months and increase the number of its projects by over a million hectares. The company is seeking out new carbon removal technologies and methods to expand its portfolio. As the voluntary carbon market is estimated to grow to $250 billion by 2050, Varaha has a critical role to offer in global solutions to climatic change.
A Model for Impact Driven Growth
Varaha shows how technology, nature-based solutions, and community engagement can converge to tackle key challenges related to climate change. Varaha’s model is making a difference in developing economies, with smallholder farmers who contribute to everyday challenges related to climate change. It’s contributing to the world’s goal to reduce carbon globally and is uniquely embracing sustainable development goals including social equity. As the world looks for meaningful routes to greener futures, Varaha’s model provides an original and compelling model for inclusive climate action.
At a Glance
Founded: 2022
Founders: Madhur Jain, Ankita Garg, and Vishal Kuchanur
Headquarters: Gurugram, Haryana, India
Funding:$12.7 million
Key Investors: RTP Global, Orios Venture Partners, QED Innovation Labs, AgFunder, and Norinchukin Bank.
