Orios Venture Partners led a $4 million seed round for Varaha, a platform for generating carbon credits. The round was also attended by Omnivore, RTP Global, Better Capital, and angel investors, including Kunal Shah.
According to a statement, the company intends to use the funds to focus on talent acquisition and expand its operations throughout South Asia.
Madhur Jain, Ankita Garg, and Vishal Kuchanur founded the startup in 2022 to provide ways for smallholder farmers to generate carbon credits through nature-based solutions based on advanced remote sensing analytics, machine learning, and biomass/soil modelling. Varaha is currently operating in six Indian states and has signed Memorandums of Understanding with a number of institutions.
The company, based in Gurugram and Bengaluru, encourages farmers to adopt regenerative agriculture practises by producing high-quality carbon credits that supplement their income while lowering their operating costs. It enables smallholder farmer enrollment, GHG quantification, carbon credit verification, and sale to buyers seeking high-integrity credits.
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