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Climate-tech startup Varaha has bagged $45 million from WestBridge Capital to fuel expansion.
What it does: founded in 2022, Gurgaon-based Varaha develops projects that reduce and remove carbon emissions. These efforts are converted into carbon credits that companies buy to offset their pollution.
It runs over 20 such projects across India, Nepal, Bangladesh, Bhutan and the Ivory Coast, spanning biochar, nature-based solutions and climate-friendly farming.
The why: the company aims to expand into new regions, improve how it measures and tracks carbon removal, and build partnerships with industrial companies. Varaha already has long-term carbon purchase deals with Google, Microsoft and a major US aviation firm.
Zoom out: India already hosts nearly one in four carbon projects globally and is building a formal carbon market through its Carbon Credit Trading Scheme launched in 2024.
Fundraises like this help scale trusted carbon projects and verification systems, strengthening India’s push to become a global hub for carbon trading.
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