Varaha
Varaha is an India-based climate tech company that develops and commercializes carbon removal projects — biochar, ERW, afforestation, and regenerative agriculture — across Asia and Africa, using a proprietary AI-driven digital MRV platform to verify credits for corporate buyers.
- Company typePrivate
- Founded2022
- HeadquartersDelhi, India
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Varaha does
Varaha (legal entity: Varaha ClimateAg Private Limited, incorporated 2022 in Haryana, India) is a climate tech company that develops and commercializes high-integrity carbon dioxide removal projects in partnership with smallholder farmers across the Global South. The company operates four core project pathways — Industrial Biochar, Afforestation/Reforestation/Revegetation (ARR), Enhanced Rock Weathering (ERW), and Regenerative Agriculture — spanning 20+ projects across India, Nepal, Bangladesh, Bhutan, Côte d'Ivoire, and Kenya, and engaging 199,000+ smallholder farms over 399,000+ hectares. Varaha is also described as Asia's largest developer of high-integrity carbon removal projects and the first company globally to hold verified credit issuances from both ERW and biochar CO2 removal pathways (Puro.earth-verified).
Varaha's central technology is a proprietary digital MRV (Measurement, Reporting, and Verification) platform that combines remote sensing, satellite and drone imagery, blockchain-verified records, biomass/soil modeling, and machine learning to measure, certify, and commercialize carbon credits. The MRV stack supports crop-yield prediction, carbon model development across multiple Asian countries, and optimization of monitoring resources across distributed project sites. On top of MRV, Varaha runs the Varaha Industrial Partners Program (VIPP), launched in February 2026, which extends the platform to third-party biomass and gasification operators (e.g., Revata Carbon and Valency International in Côte d'Ivoire) under a partner-led scaling model.
Varaha monetizes carbon credits via long-term offtake agreements with global corporates (Microsoft, Google, Kellanova, Swiss Re, Lufthansa, Kering, Coca-Cola, and others), project-level pre-purchase arrangements with climate finance investors (Mirova's $30.5M investment in the Kheti project), direct and marketplace sales (Patch, Ceezer, Klimate, Rubicon Carbon, Watershed, etc.), and VIPP platform services. The company reports ~$4.8M revenue in 2025 with a projected ~$22M in 2026, claims profitability, and has a ~$100M contracted revenue backlog over 2–3 years. As of February 2026, it is venture-backed ($57.7M in equity-style rounds plus the Mirova project investment) at an implied ~$225M valuation, led by founders Madhur Jain (CEO), Ankita Garg (COO), and Vishal Kuchanur (CTO), and recognized as a 2026 WEF Technology Pioneer and a Fast Company Most Innovative Asia-Pacific Company.
Varaha firmographics
Firmographics- Name
- Varaha
- Legal name
- Varaha ClimateAg Private Limited
- Website
- https://varaha.earth
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Varaha is an India-based climate tech company that develops and commercializes carbon removal projects — biochar, ERW, afforestation, and regenerative agriculture — across Asia and Africa, using a proprietary AI-driven digital MRV platform to verify credits for corporate buyers.
- Ownership category
- akta.pro rank
Where Varaha is headquartered
LocationHeadquarters
- HQ city
- Delhi
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Varaha business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure
Revenue model
- Long-term carbon offtake agreements: Pre-committed purchase contracts from corporate buyers (Google, Microsoft, Kellanova, Lufthansa, Swiss Re, etc.) for verified carbon removal credits; contracted revenue projected at ~$100M over the next 2–3 years.
- Project-level carbon credit investments: Pre-purchase of future carbon credits by climate finance investors (e.g., Mirova's $30.5M investment) in exchange for a share of carbon credits generated from specific projects such as the Kheti soil carbon project in Haryana and Punjab.
- Varaha Industrial Partners Program (VIPP) MRV services: Varaha provides digital MRV systems and carbon credit commercialization to industrial partners with biomass and gasification infrastructure (e.g., Revata Carbon, Valency International in Côte d'Ivoire), enabling them to generate verified carbon removal credits using Varaha's platform.
- Carbon credit sales via direct and marketplace channels: Sale of verified carbon removal credits to corporate buyers directly and indirectly through carbon marketplaces (Patch, Ceezer, Klimate, Good Carbon, Carbon Future, Rubicon Carbon, Climate Impact Partners, Watershed, Cur8, Senken). Revenue ~$4.8M in 2025, expected ~$22M in 2026; profitable.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Long-term offtake agreements (e.g., $100M contracted revenue over 2–3 years) |
| Unit Pricing | Multi-year contract | Carbon credit sales (units of tCO2e removed) |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels6 records
Varaha product offering
Product offeringCore offering
Varaha develops, measures, verifies, and sells high-integrity carbon removal credits generated from four project pathways — Industrial Biochar, ARR (Afforestation, Reforestation and Revegetation), Enhanced Rock Weathering, and Regenerative Agriculture (Kheti Soil Carbon Project) — implemented with smallholder farmers across Asia and Africa. Its proprietary digital MRV platform (remote sensing, satellite imagery, machine learning, biomass/soil modeling, blockchain verification) certifies the credits, which are then sold to corporate buyers through long-term offtake agreements, carbon marketplaces, and the Varaha Industrial Partners Program (VIPP) for industrial biomass operators.
Product overview
Varaha operates a carbon removal platform that develops and commercializes nature-based and engineered carbon removal projects, underpinned by a proprietary digital MRV (Measurement, Reporting and Verification) system. The platform spans four core project pathways — Industrial Biochar, ARR (Afforestation, Reforestation and Revegetation), Enhanced Rock Weathering (ERW), and Regenerative Agriculture — which sit alongside the Varaha Industrial Partners Program (VIPP) that extends the platform's biochar-based carbon credit generation to third-party industrial operators such as Revata Carbon and Valency International in Côte d'Ivoire. Together, these project pathways and VIPP are unified by Varaha's digital MRV system and carbon credit origination/commercialization platform, which together issue verified credits under methodologies such as Puro.earth's biochar methodology to corporate buyers including Microsoft, Google, and Kellanova.
Differentiator
Problem solved
Functional benefit
Products and services
- Industrial Biochar Carbon Removal Engineered carbon removal pathway that converts agricultural waste biomass (e.g., cotton stalks, cashew shells) into biochar through controlled gasification. The biochar contains stable forms of carbon that can be stored in soils for centuries, simultaneously improving soil health and sequestering carbon durably. Sold as verified carbon removal credits to corporate buyers such as Microsoft (>100,000 tonnes over 3 years).
- ARR (Afforestation, Reforestation and Revegetation) Nature-based carbon removal pathway delivered through tree-planting and vegetation restoration projects in South India and Bangladesh, generating verified carbon credits from biomass growth and soil carbon accumulation. Sold to corporate buyers as verified removal credits.
- Enhanced Rock Weathering (ERW) Carbon Removal Carbon removal pathway that spreads ultra-fine basalt rock powder (sourced from stone crushing waste) onto arable land to permanently sequester atmospheric CO2 through natural weathering processes, with credits verified by Puro.earth. Varaha issued the first Asia-based registry-backed ERW credits from deployments in Khargone, Madhya Pradesh.
- Regenerative Agriculture (Kheti Soil Carbon Project) Soil-carbon pathway supporting smallholder farmers in Haryana, Punjab, and the Indo-Gangetic Plains to adopt climate-friendly practices that generate carbon credits, including crop-specific carbon models developed across multiple Asian countries. Backed by a $30.5M investment from Mirova covering approximately 337,000 farmers.
- Digital MRV and Carbon Credit Origination Platform Proprietary digital platform that combines remote sensing, satellite data, blockchain-verified MRV, and machine learning to certify carbon credits from regenerative agriculture, biochar, ERW, and forestry projects. Powers all Varaha project pathways and VIPP, and handles measurement, reporting, verification, and commercialization of credits to corporate buyers.
- Varaha Industrial Partners Program (VIPP) Global initiative enabling biomass processing facilities and industrial operators (e.g., cashew processors, steel companies) to generate high-integrity carbon removal credits via Varaha's digital MRV and credit commercialization platform. Launch partners include Revata Carbon and Valency International in Côte d'Ivoire converting cashew shell byproducts into biochar through controlled gasification, with credits issued under Puro.earth's biochar methodology.
Companies that use Varaha
Customer profileNamed customers15 records
Segments5 records
Ideal customer profiles3 records
Varaha technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature4 records
Varaha partnerships and signals
Strategic signalPartnerships
21 partnerships are on record, tiered flagship, core and minor.
- Revata CarbonflagshipLaunch partner (alongside Valency International) of the Varaha Industrial Partners Program (VIPP) for the inaugural Côte d'Ivoire biochar project converting cashew shell byproducts into biochar via controlled gasification. Revata Carbon handles in-country development and operations.
- Valency InternationalflagshipLaunch partner of VIPP for the Côte d'Ivoire biochar project. A global agri-food company backed by British International Investment, Valency supplies cashew shell feedstock and supply chain expertise as part of its West Africa decarbonization efforts.
- MicrosoftflagshipSigned a 3-year (through 2029) offtake agreement in Jan 2026 for over 100,000 tonnes of CO2 removal via biochar. Varaha will deploy 18 industrial gasification reactors in Maharashtra over a 15-year lifespan with projected total removal exceeding 2 million tonnes of CO2. Project sources cotton stalks from 40,000–45,000 smallholder farmers. First biochar purchase in Asia by Microsoft. Supports Microsoft's carbon-negative by 2030 goal.
- KellanovacoreFive-year regenerative corn insetting project in Maharashtra launched Dec 2025 involving 5,000 smallholder farmers on 12,500 acres; targets reduction of ~100,000 tonnes CO2 emissions and alignment with international carbon standards within Kellanova's supply chain.
- Puro.earthcoreCarbon credit registry that verifies and issues Varaha's biochar and Enhanced Rock Weathering (ERW) credits. Varaha's first ERW issuance (Asia-first, third globally) was Puro.earth-verified in Oct 2025; VIPP projects also use Puro.earth's biochar methodology.
- Louis Dreyfus CompanycoreFunded a major regenerative agriculture project in India (Aug 2025) involving smallholder farmers and carbon credit sourcing from Varaha. Listed as a trusted buyer on Varaha's website.
- GoogleflagshipLong-term carbon offtake agreement for verified carbon removal credits. Bloomberg reported in Jan 2025 that Google backed Varaha with a carbon offset deal. Offtake forms a cornerstone of Varaha's ~$100M contracted revenue pipeline over 2–3 years.
- PatchcoreCarbon credit marketplace listed as a buyer/distributor of Varaha credits on Varaha's website.
- CeezercoreCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- Good CarbonminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- KlimateminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- Carbon Future (Carbonfuture)minorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- Rubicon CarbonminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- Climate Impact PartnersminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- WatershedminorCarbon credit platform/distributor of Varaha credits listed on Varaha's website.
- Cur8minorCarbon credit platform/distributor of Varaha credits listed on Varaha's website.
- SenkenminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- SupercriticalminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website; Boeing sourced 20,000 tonnes of CDR through Supercritical from a portfolio that includes Varaha's projects.
- ArtemeterminorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
- World Economic Forum (WEF) Technology Pioneers ProgramcoreSelected as a 2026 WEF Technology Pioneer alongside 100 early-stage companies from 23 countries, providing global visibility, networking, and reputational boost. Varaha was one of nine Indian startups in the cohort (including Dhruva).
- Third Derivative (RMI Climate Tech Accelerator)minorVaraha was referenced in connection with RMI's Third Derivative climate tech accelerator program context; broader cohort of 26 startups across 13 countries targeting hard-tech climate solutions.
Scale indicators10 records
Recent moves8 records
Expansion highlights7 records
Varaha competitors and assessment
Company assessmentDirect peers
- Boomitra: Bay Area and India-based developer of soil-carbon credits from smallholder and large-acreage farms using remote-sensing MRV. Direct competitor in the smallholder soil carbon space with overlapping geography (India, Africa, Latin America) and similar buyer base of corporate sustainability teams.
- Indigo Ag: US-based ag-tech company operating one of the largest agricultural carbon credit programs (Indigo Carbon) for regenerative farming practices. Competes for the same corporate buyer pool seeking high-integrity regen-ag credits, though with a North American grower base.
- South Pole: Global carbon project developer and advisory with a large portfolio across nature-based and engineered removal pathways. Directly competes for corporate offtake agreements and multi-methodology credit issuance at scale.
- Soil Capital: Europe-based regenerative agriculture carbon credit program focused on soil carbon sequestration with farmer payments. Competes in the same regen-ag carbon credit category with a similar MRV-plus-farmer-network model, though anchored in Europe/Belgium operations.
Emerging players
- Pachama: AI-driven forest carbon credit marketplace and project validation platform using satellite imagery and ML for MRV. Overlapping MRV technology stack (satellite + ML) and corporate buyer channel, though primarily focused on nature-based forestry rather than biochar/ERW.
- Watershed: Enterprise carbon management platform that both buys credits on behalf of corporates and operates a marketplace. Functions as both a Varaha channel partner (listed as a buyer/distributor) and a competitor for corporate decarbonization budgets via integrated measurement and procurement.
- Carbonfuture: Biochar and durable carbon removal marketplace using the Puro.earth methodology. Directly intersects Varaha in the biochar credit segment and acts as a distribution channel for Varaha-issued credits.
- Mombak: Brazil-based nature-based carbon removal developer with biochar and ARR projects in Latin America. Emerging competitor in durable CDR with similar smallholder/industrial feedstock strategies, though geographically concentrated in South America.
Others
- Ceezer: Carbon credit marketplace platform that aggregates and resells credits to corporate buyers. Functions as a Varaha channel partner while also representing competing developers, making it both a distribution channel and an indirect competitive venue.
- Patch: Carbon credit API and marketplace used by corporates to purchase verified credits, including Varaha's. Functions as a channel partner for distribution while serving as a competing marketplace for buyer attention.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Varaha social profiles
Digital presenceVaraha financial estimates
Financial estimateRevenue estimate
Valuation estimate
Varaha leadership team
Management profileNumber of profiles
Profiles4 records
Varaha funding detail
Funding detailFunding overview
Funding rounds5 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Varaha M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Varaha
What does Varaha do?
Varaha develops, measures, verifies, and sells high-integrity carbon removal credits generated from four project pathways — Industrial Biochar, ARR (Afforestation, Reforestation and Revegetation), Enhanced Rock Weathering, and Regenerative Agriculture (Kheti Soil Carbon Project) — implemented with smallholder farmers across Asia and Africa. Its proprietary digital MRV platform (remote sensing, satellite imagery, machine learning, biomass/soil modeling, blockchain verification) certifies the credits, which are then sold to corporate buyers through long-term offtake agreements, carbon marketplaces, and the Varaha Industrial Partners Program (VIPP) for industrial biomass operators.
Is Varaha a public or private company?
Varaha is a private company. It is classified as venture growth investor backed and is currently operating.
When was Varaha founded?
Varaha was founded in 2022. It employs 101 to 250 people.
Where is Varaha based?
Varaha is headquartered in Delhi, India, in the Asia region.
How does Varaha make money?
Four revenue lines are on record. Long-term carbon offtake agreements are the primary driver. The others are project-level carbon credit investments, varaha Industrial Partners Program (VIPP) MRV services and carbon credit sales via direct and marketplace channels.
Who are Varaha's main competitors?
Direct peers on record are Boomitra, Indigo Ag, South Pole and Soil Capital. Emerging players are Pachama, Watershed, Carbonfuture and Mombak. Others are Ceezer and Patch.
Does Varaha have an API?
No public API is recorded for Varaha.