Gurugram-based carbon-removal startup, Varaha, has secured USD 20 million (~INR 180.5 crore) as the first tranche of a USD 45 million (~INR 406 crore) Series B round led by WestBridge Capital, with the balance USD 25 million expected in a subsequent close. Existing backers RTP Global and Omnivore also participated in the Varaha Series B round.
Varaha Series B Funding Details
The fresh capital will be deployed to expand Varaha’s geographic footprint, strengthen its science and measurement, reporting and verification (MRV) systems, and scale a new industrial partnership model for biochar-based carbon removal, the company disclosed. WestBridge’s entry marks one of its first major bets in climate tech, with the fund indicating a two-tranche structure for the overall USD 45 million round.
Industrial Partnerships Push
Alongside the fundraise, the company unveiled the Varaha Industrial Partners Program (VIPP), which opens its MRV platform and carbon credit origination infrastructure to industrial operators with access to sustainable biomass and gasification facilities. Early projects are underway with a large cashew company in West Africa, several agribusiness partners in India, and a domestic steel maker seeking decarbonisation.
Commercial Traction and Pipeline
Varaha said it has built long‑term carbon offtake agreements with global technology majors including Google and Microsoft and has delivered among the highest volumes of durable carbon removal credits by a project developer. The company also has an order book of ~USD 100 million over the next two to three years, alongside rapid scale-up across India and other South Asian and African markets.
“This round reflects the continued confidence of investors and customers in Varaha’s science‑led carbon removal solutions… Climate solutions only matter if they scale with integrity,” said Madhur Jain, cofounder and CEO of Varaha.
Sandeep Singhal, cofounder and managing partner at WestBridge Capital, said the carbon credit market “is about to take off,” adding that Varaha is among the top global players in the space and is near profitability, according to an interview.
Varaha Series B funding round comes after two years of the company’s USD 8.7 million Series A, led by RTP Global in February 2024. In November 2025, French sustainable asset manager Mirova committed USD 30 million to expand Varaha’s regenerative agriculture initiative, marking its first carbon investment in India.
Outlook
Varaha develops carbon removal projects across multiple pathways—biochar, afforestation/reforestation and revegetation (ARR), regenerative agriculture and enhanced rock weathering (ERW)—and works closely with smallholder farmers to monetise sequestration through verified credits. Varaha Series B proceeds are intended to reinforce MRV credibility and accelerate scale, even as the company broadens industrial tie‑ups under VIPP to generate high‑integrity removals at speed.
Varaha Series B Funding Highlights
- Round: USD 45 million Series B; first tranche USD 20 million closed on 4 Feb 2026.
- Lead investor: WestBridge Capital; participants include RTP Global and Omnivore.
- Use of proceeds: Global expansion, strengthen MRV, scale industrial biochar partnerships (VIPP).
- Commercials: Long‑term offtakes with Google and Microsoft.
- Footprint: Projects across India, Nepal, Bangladesh, Bhutan and Côte d’Ivoire.
- Prior funding: USD 8.7 mn (INR 78.35 crore) Series A (Feb 2024); USD 30 mn (INR 270 crore) project funding by Mirova (Nov 2025).
By pairing fresh equity with an industrial partnerships model and long‑dated offtakes, Varaha is positioning to scale durable carbon removals while sharpening the scientific backbone of its credits. Execution on MRV and timely deployment of VIPP will determine how quickly the funding translates into verified volumes and farmer income across its operating markets.
For more details related to IPO GMP, SEBI IPO Approval, REIT, InvIT and Live Subscription stay tuned to IPO Central.