Varhad Capital

What Varhad Capital does

Varhad Capital Private Limited (VCAP), part of The Varhad Group and headquartered in Pune, India, operates as India's largest artisanal biochar producer and is a registered C-sink manager with Carbon Standard International, Switzerland. The company coordinates a distributed production network of 550,000 farmers organized through 165 Farmer Producer Organizations across Maharashtra, Gujarat, Karnataka, Andhra Pradesh, and Uttar Pradesh. Its core technical platform consists of proprietary kon-tiki kilns that pyrolyze cotton stalks and pigeon pea stalks into biochar at the community level, complemented by planned industrial-scale 1,500-tpa machines and an existing biomass gasification platform. Through a Digital MRV system, the company tracks biomass from sourcing through biochar application and certifies removal at a rate of 2.4 tons of CO2 per ton of biochar.

Varhad monetizes biochar through direct sales, carbon dioxide removal credits, and transaction advisory services. It is qualified for NTPC's 2,000 tpd biocoal supply tender for seven years and holds L2 status on two 120 tpd NTPC tenders (Solapur and Bijapur). The customer base spans India's National Thermal Power Corporation, voluntary carbon credit buyers via Carbon Standard International, and German and Indian steel manufacturers seeking biochar inputs. The company trains and certifies Artisan Producer Companies (six MoUs to date, with 30 artisans trained) under its Artisan Pro program, with each firm targeted to produce 500 tons of biochar using five kon-tiki kilns.

In April 2026, Varhad signed an MOU with Velocys to develop biomass-to-Sustainable Aviation Fuel projects in India, combining Varhad's gasification platform with Velocys' Fischer-Tropsch technology under a hub-and-spoke production model targeting cost-competitive Make-In-India SAF. The leadership team comprises Founder Prasad Dahapute, Visionary Director Sanjay Patil (USA-based), Biomass Manager Kanchan Khilari, and Production Expert Gokul Gaikwad. The company is privately held within The Varhad Group with no disclosed institutional funding rounds.

Name

Varhad Capital

Legal name

Varhad Capital Private Limited

Website

https://varhad.in

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Varhad Capital, part of The Varhad Group and based in Pune, India, operates India's largest artisanal biochar production network of 550,000 farmers across 165 FPOs, generating carbon removal credits and biocoal while developing biomass-to-SAF projects with Velocys.

Ownership category

akta.pro rank

Product category

Biochar Production and Carbon Removal

NAICS

Fertilizer and Compost Manufacturing (32531), Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing (3253)

SIC

Agricultural Chemicals (2870), Industrial Organic Chemicals (2860)

akta.pro primary industry

Biochar Production & Soil/Material Applications (EUABAFAC)

akta.pro secondary industries

Biochar Carbon Projects (Biomass to Biochar & Soil Application) (EUABABAH), Biochar & Carbon-Based Soil Builders (AFABAKAG), Organic & Bio-based Fertilizers (Manure/Compost/Biochar) (IMAEAEAF), Biochar, Activated Carbon & Soil Amendments (from forest biomass) (IMAMALAH)

Keywords

• Biochar production
• Carbon dioxide removal
• Biocoal supply
• Sustainable aviation fuel
• Farmer producer incubation

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Biochar Sales: Production and sale of artisanal and industrial-scale biochar derived from agricultural residues (cotton stalks, pigeon pea stalks). Sold as soil amendment and carbon sink product.
2. Biocoal Supply: Supply of biocoal to NTPC (National Thermal Power Corporation) through competitive tenders. Company is qualified for 2000tpd supply to NTPC tender for 7 years and L2 for 120tpd tenders at NTPC Solapur and NTPC Bijapur.
3. Carbon Dioxide Removal Credits: CDR credits generated through biochar production and soil application, with removal rate of 2.4 tons CO2 per ton of biochar. Company is registered C-sink manager with Carbon Standard International, Switzerland.
4. Transaction Advisory Services: Advisory services for aspiring entrepreneurs entering biocoal/biochar manufacturing, including EPC contractor appointment, financial closure, and market access. Also advises state-owned companies and international steel companies on biochar sourcing.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Varhad Capital produces artisanal and industrial-scale biochar from agricultural residues (cotton stalks and pigeon pea stalks) using proprietary kon-tiki kilns, supplies biocoal to power utilities such as NTPC, and generates certified Carbon Dioxide Removal (CDR) credits through Carbon Standard International. The company also incubates Farmer Producer Companies (FPCs) and Artisan Producer Companies (APCs) across India and is developing a biomass-to-Sustainable Aviation Fuel (SAF) platform in partnership with Velocys using Fischer-Tropsch technology.

Product overview

Varhad Capital Private Limited (VCAP) operates as India's largest artisanal biochar producer with an integrated portfolio of biochar, biocoal, and carbon removal services. The company coordinates a network of 550,000 farmers through 165 farmer cooperatives to transform agricultural residues (cotton stalks, pigeon pea stalks) into high-value products. Core offerings include artisanal biochar production using proprietary kon-tiki kilns, industrial-scale biochar production (1500 tpa machines), biocoal supply to NTPC, and Carbon Dioxide Removal services achieving 2.4 tons CO2 per ton of biochar. VCAP also provides FPO incubation services and, through its Velocys partnership, is developing a biomass-to-Sustainable Aviation Fuel platform leveraging its existing gasification infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Varhad Capital Private Limited (VCAP) - Biochar and Biocoal Operations
• Artisanal Biochar Production
• Industrial-Scale Biochar Machines
• Biocoal Production
• Carbon Dioxide Removal (CDR) Services
• Farmer Producer Organization (FPO) Incubation
• Biomass-to-SAF Gasification Platform
• Transaction Advisory Services

Quantifiable outcome

• Removes 2.4 tons of CO2 per ton of biochar applied
• +4 more outcomes

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and supporting.

• VelocyscoreStrategic or Co-development Partner · 6 April 2026Velocys and Varhad Capital signed an MOU on April 6, 2026 to develop biomass-to-Sustainable Aviation Fuel (SAF) projects in India. The partnership combines Varhad's existing operational gasification platform with Velocys' Fischer-Tropsch technology to engineer scalable SAF facilities using agricultural residues as feedstock under a hub-and-spoke production model. The goal is to produce Make-In-India SAF that achieves cost competitiveness with conventional fuel pathways while delivering strong lifecycle carbon performance.
• Carbon Standard InternationalcoreOthersVarhad Capital is a registered C-sink manager (project developer) with Carbon Standard International, Switzerland, enabling the certification and monetization of carbon removal credits from biochar production.
• International Biochar InitiativesupportingOthersVarhad Capital is an active member of the International Biochar Initiative, USA. Team members participate in industry events and initiatives such as the Save Soil Movement.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Biochar Now: US-based large-scale biochar producer generating verified carbon removal credits for the voluntary market. Highly comparable to Varhad's biochar-plus-CDR business model, with similar focus on agricultural residue feedstock and industrial-scale pyrolysis.
• Wakefield Biochar: US biochar producer with both agricultural soil amendment sales and carbon credit monetization. Closely comparable to Varhad's blended product-and-credit revenue model and artisan-to-industrial production trajectory.
• Carbofex: Finnish biochar producer using industrial pyrolysis units. Operates a similar biomass-to-biochar-plus-CDR-credits business model and sells into European voluntary carbon markets, making it a strong international benchmark for Varhad's industrial scale-up plans.
• Carbonfuture: Germany-based biochar carbon removal credit marketplace and registry. Directly comparable to Varhad as it certifies, tracks, and monetizes biochar-based CDR credits using digital MRV, and also collaborates with biochar producers globally on project origination.
• Pacific Biochar: US-based biochar producer serving agricultural and forestry markets with Puro.earth-certified carbon removal credits. Comparable production-to-credit stack and customer mix (growers, land managers) to Varhad's India FPO model.
• Cool Planet: US biochar and soil health company that has historically produced biochar-based soil amendments at industrial scale. Comparable technology stack (pyrolysis of biomass to soil amendment + carbon credits) and go-to-market into agriculture.

Broad incumbents

• Charm Industrial: US-based Carbon Dioxide Removal company using biomass and geologic storage. While using a different removal pathway, it is a directly comparable venture-scale CDR pure-play competing for the same voluntary CDR credit buyers as Varhad.
• Velocys: UK/US Fischer-Tropsch technology company that is Varhad's named partner for the biomass-to-SAF project. Highly comparable as the upstream technology provider and fellow hub-and-spoke SAF developer; competitor in any third-party SAF project pipeline.
• LanzaTech: US-listed carbon recycling company converting biomass and waste gases into fuels including SAF via gasification + fermentation. Operates in the same biomass-to-SAF pathway as Varhad's Velocys partnership and competes for similar feedstock and offtake contracts.

Others

• Carbon Standard International: Swiss carbon certification body of which Varhad is a registered C-sink manager. Listed as a peer because CSI's certification framework defines the credit economics that Varhad depends on; changes in its methodology directly affect Varhad's CDR revenue per ton of biochar.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-varhad-group

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 Varhad Capital