Carbon removal project developer Varaha has raised $20 million as part of its larger $45 million Series B round, led by WestBridge Capital. RTP Global, one of the firm’s early backer, also joined the round with a pro-rata investment, along with Omnivore, who was one of its early-stage investors. The newly-raised funding will be used to help Varaha’s geographic expansion, strengthen its scientific and MRV (measurement, reporting, and verification) capabilities, and scale a new industrial partnership model that will look to extend its capabilities to global partners, said the company in a statement. Under the Varaha Industrial Partners Program (VIPP) the company will parter with industrial operators with gasification capabilities and access to sustainable biomass to help leverage Varaha’s MRV capabilities and carbon credit origination. The company said its VIPP is already operational, with projects underway involving a large cashew producer in West Africa, several agribusiness partners in India, and a major Indian steel company pursuing decarbonisation goals.Also ReadVaraha signs offtake agreement with Microsoft to remove over 100,000 tonnes of carbon dioxideThe Gurugram-based company develops carbon removal projects across fourth pathways, which includes biochar, afforestation, reforestation, and revegetation, regenerative agriculture, and enhanced rock weathering (ERW). This news comes weeks after… Read MoreYourStory RSS Feed
