Climate tech startup Varaha has marked the first close of its ongoing $45 Mn Series B funding round at $20 Mn. The round was led by WestBridge Capital, with participation from existing backer Omnivore Ventures. The company also said that RTP Global, which led Varaha’s Series A round, also joined the round with a super pro-rata investment. The fundraise marks WestBridge’s first bet in the climate tech space in India. The startup plans to utilise the fresh proceeds to expand footprint, strengthen its scientific as well as measurement, reporting and verification (MRV) capabilities. The company said that a chunk of the capital will also be deployed to scale a new industrial partnership model that will extend its capabilities worldwide. Founded in 2022 by Madhur Jain, Ankita Garg and Vishal Kuchanur, Varaha is a clean tech startup that claims to operate 20 carbon dioxide removal projects across India, Nepal, Bangladesh, Bhutan, and the Ivory Coast. The startup generates high-quality carbon credits by enabling farmers, with small land holdings, to follow regenerative agriculture and agroforestry. These credits are then used by businesses to offset their greenhouse emissions. Earlier today, the company also announced the launch of Varaha Industrial Partners Program (VIPP) to… Read MoreInc42 Media
