Varaha Secures USD 30 Mn from Mirova to Expand Regenerative Farming Project The investment, a combination of project financing and an offtake agreement, will help Varaha scale its Kheti soil project to reach 337,000 smallholder farmers across Haryana and Punjab over the next four years.
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Mirova, the sustainable investment arm of Natixis Investment Managers, has invested USD 30 million in climate-tech firm Varaha to expand its carbon removal initiatives in India.
The investment, a combination of project financing and an offtake agreement, will help Varaha scale its Kheti soil project to reach 337,000 smallholder farmers across Haryana and Punjab over the next four years. Currently, the project engages around 25,000 farmers.
According to Varaha's Chief Commercial Officer, Ikarus Janzen, the funding will provide upfront capital to support the project's rapid growth. "Mirova will invest the upfront capital in order to support this expansion and in return Varaha will provide the firm with carbon credits which they can use and retire to make the environmental claims they want to make," Janzen said in an interview with YourStory.
The Kheti project encourages regenerative agricultural practices such as direct seeding of rice, crop residue management, and reduced tillage. These practices are designed to improve soil health, enhance yields, and generate verifiable carbon credits. The project operates under Verra's VM0042 methodology, a globally recognised framework that measures greenhouse gas reductions and carbon dioxide removals from sustainable farming practices.
Verra, a leading non-profit organisation in climate action standards, ensures that carbon projects meet rigorous benchmarks for credibility and transparency. Adhering to such standards is vital for companies like Varaha, as it helps maintain the commercial and environmental integrity of their carbon credits.
Janzen explained that the company collaborates with NGOs, farmer producer organisations, and cooperatives to reach small farmers and guide them through the transition to regenerative methods. "These practices are not something that Varaha invented. There is scientific consensus that these methods can, in certain contexts, increase yield and decrease fertiliser costs. Across different practices we see an adoption rate of one to five percent already," he said.
Varaha is among the few climate-tech startups to achieve profitability, marking this milestone in the financial year 2025. "This gives us a huge boost as a company in order to not be reliant on equity fundraising," Janzen added.
Since its inception, Mirova has mobilised more than USD 300 million from corporate partners to support nature-based carbon projects. The firm continues to collaborate with global corporates to help them decarbonise their supply chains. Janzen noted that Varaha plans to sign more partnerships with corporates.
