French climate-focused investment firm Mirova has invested $30.5 million (€26.4 million) in Indian climate tech startup Varaha to scale its regenerative farming program across northern India. Unlike typical equity investments, Mirova’s deal grants it a share of the carbon credits generated over time, aligning with its broader carbon investment strategy to fund verified emissions-reduction projects. The move, backed by corporate giants such as Kering, Orange, and Capgemini, marks Mirova’s first carbon investment in India and reinforces its mission to help companies offset supply-chain emissions through credible sustainability initiatives.
Founded in 2022, Varaha specializes in carbon projects across regenerative agriculture, agroforestry, and biochar. Its flagship Kheti project works with smallholder farmers in Haryana and Punjab to adopt low-emission practices that enhance soil health while generating tradable carbon credits. Currently covering 200,000 hectares and reaching 337,000 farmers, the project aims to expand to 675,000 hectares. Varaha’s model promotes direct seeding of rice and incorporating crop residue into the soil — a sustainable alternative to stubble burning, which contributes heavily to air pollution.
CEO Madhur Jain said Mirova’s funding will help procure thousands of machines, including direct seeders and residue incorporation tools, to enable large-scale adoption of regenerative practices. The carbon credits will be verified under Verra’s VM0042 methodology and shared with participating farmers. Varaha is also pursuing Climate, Community & Biodiversity (CCB) certification to ensure environmental and social co-benefits. While Verra has faced criticism for overestimated carbon claims, Jain maintained that its soil carbon methodology remains the most advanced available, though Varaha also works with other registries such as Puro and Isometric.
Beyond reducing emissions, Varaha’s technology aims to restore soil fertility, lower water and chemical use, and boost yields, thereby improving farmers’ livelihoods. The startup is also developing gender-focused initiatives to empower women in agriculture. Earlier this year, Varaha gained global recognition through a landmark deal with Google to supply 100,000 tons of biochar carbon removal credits by 2030. Supported by investors including RTP Global, Omnivore, and Japan’s Norinchukin Bank, Varaha has raised $12.7 million to date and continues to emerge as a key player in climate-smart agriculture and carbon finance innovation.