Varaha, which generates carbon credits from nature-friendly practices, said it has raised $8.7 million in a Series A funding round led by venture capital firm RTP Global.
The capital will be used to expand its presence in Southeast Asia and Sub-Saharan Africa, per an announcement.
Founded by agriculture engineers Madhur Jain, Ankita Garg, and Vishal Kuchanur in 2022, Varaha calls itself a full-stack climate tech company that aims to offset greenhouse gas emissions by developing and incentivising nature-based carbon projects through carbon credits.
Varaha’s funding comes at a time when concerns around global warming and the growing need for sustainable solutions to address climate change have drawn significant investor interest and funding in recent times.
The majority of climate-tech funding goes to the electric vehicle and renewable energy sectors, while other critical sectors such as waste management, adaptation, water, and agriculture remain relatively underfunded.