Hey there, fellow climate enthusiasts!
Last week, Indian climate tech startup Varaha made some major waves in the carbon removal space, scooping up a whopping $20 million in funding. As someone who’s been keeping a close eye on the industry, I’m excited to dive into what this new cash injection means for the future of carbon removal.
So, who’s Varaha? For the uninitiated, the Bengaluru-based startup is all about making carbon removal from the Global South more accessible. That’s right, folks – this isn’t some fancy tech company trying to reinvent the wheel. Instead, Varaha prioritizes execution, focusing on making carbon credits a viable option for companies looking to reduce their emissions.
The brains behind the operation is co-founder and CEO Madhur Jain, who’s been vocal about the need for cost-effective carbon removal. As he puts it, “Carbon credit is not a cost to companies that buy these credits, it’s a price on their balance sheet… If the cost of a certain geography is going to be so high by an order of magnitude of like, 1.5x to 3x credit production, it will be extremely hard for these corporations to survive.”
So, what’s Varaha’s secret sauce? Well, they’ve removed over 2 million tons of carbon dioxide across 14 active projects, generating a whopping 150,000 carbon removal credits. And get this – they’re on track to rake in nearly $22 million in revenue this year while remaining profitable after tax. Not bad for a startup, eh?
The company’s already locked in some major deals with the likes of Google, Microsoft, Lufthansa, Swiss Re, and Capgemini, and they’re operating in five countries across South Asia and West Africa. The latest funding will be used to expand into new markets in South and Southeast Asia, while deepening their presence in existing geographies.
But here’s the most exciting part: Varaha’s launching an Industrial Partners Program, which will allow industrial operators with access to sustainable biomass and gasification capacity to generate verified biochar-based carbon removal credits using Varaha’s measurement, reporting, and verification methods. Talk about a game-changer!
With a team of 225-230 people, 80% of whom are based in India, Varaha’s got a strong foundation to build on. WestBridge Capital’s co-founder and managing partner Sandeep Singhal believes that Varaha is uniquely positioned to build a global carbon removal platform from India, combining integrity, scale, and impact.
So, what does this mean for the future of carbon removal? In a nutshell, Varaha’s scaling up its operations to make carbon removal more accessible and cost-effective. With their focus on execution and partnerships with major corporations, they’re poised to make a real impact in the fight against climate change.
**The CliffsNotes version:**
* Varaha raises $20M to scale up carbon removal operations from the Global South
* The startup’s all about making carbon removal more accessible and cost-effective
* They’ve removed over 2 million tons of carbon dioxide across 14 active projects
* Varaha’s secured major deals with corporations like Google, Microsoft, and Lufthansa
* They’re expanding into new markets and launching an Industrial Partners Program
Stay tuned for more updates from the world of climate tech, and let’s keep pushing for a more sustainable future!
