Varaha

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.

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

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core 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.

Named customers15 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

21 partnerships are on record, tiered flagship, core and minor.

• Revata CarbonflagshipStrategic or Co-development Partner · 1 February 2026Launch 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 InternationalflagshipStrategic or Co-development Partner · 1 February 2026Launch 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.
• MicrosoftflagshipStrategic or Co-development Partner · 1 January 2026Signed 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.
• KellanovacoreStrategic or Co-development Partner · 1 December 2025Five-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.earthcoreTechnology or Integration · 1 October 2025Carbon 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 CompanycoreStrategic or Co-development Partner · 1 August 2025Funded 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.
• GoogleflagshipStrategic or Co-development Partner · 1 January 2025Long-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.
• PatchcoreChannel Partner/ Reseller/ DistributorCarbon credit marketplace listed as a buyer/distributor of Varaha credits on Varaha's website.
• CeezercoreChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• Good CarbonminorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• KlimateminorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• Carbon Future (Carbonfuture)minorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• Rubicon CarbonminorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• Climate Impact PartnersminorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• WatershedminorChannel Partner/ Reseller/ DistributorCarbon credit platform/distributor of Varaha credits listed on Varaha's website.
• Cur8minorChannel Partner/ Reseller/ DistributorCarbon credit platform/distributor of Varaha credits listed on Varaha's website.
• SenkenminorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• SupercriticalminorChannel Partner/ Reseller/ DistributorCarbon 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.
• ArtemeterminorChannel Partner/ Reseller/ DistributorCarbon credit marketplace/distributor of Varaha credits listed on Varaha's website.
• World Economic Forum (WEF) Technology Pioneers ProgramcoreGTM or Marketing PartnerSelected 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)minorStrategic or Co-development PartnerVaraha 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

Direct 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

• Xx.com/varahaearth
• Facebookfacebook.com/100086691786188
• LinkedInlinkedin.com/company/varaha-carbontech

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Varaha