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Climate-tech startup Varaha has raised $8.7 million in a Series A round led by RTP Global and existing investors including Omnivore and Orios Venture Partners.

Japan’s largest institutional investor, Norinchukin Bank, also participated in the round, as did AgFunder and IMC Pan Asia Alliance Grouo’s investment arm, Octave Wellbeing Economy Fund.

Founded in 2022 by Madhur Jain, Ankita Garg, and Vishal Kuchanur, Varaha connects entities that want to offset their carbon footprints with nature-based projects that either remove carbon or don’t produce any.

The startup uses advanced technology, scientific models, remote sensing, and machine learning to evaluate these projects. It oversees over 700,000 acres of these projects across India, Nepal, Bangladesh and Kenya.

Varaha plans to use the funds to expand into more geographies in Asia and Africa. The company is also currently hiring across roles in science and tech, carbon supply, and the founder’s office.

In India, the company plans to launch new carbon projects specialising in regenerative agriculture, afforestation, and biochar (a method of converting biomass sources such as wood chips, agricultural residue, manure and other organic materials into charcoal-like material).

The startup is also in advanced conversations with Indian corporates in sectors such as consumer products, agriculture, and chemicals to collaborate on projects that focus on decarbonising agricultural supply chains, sale of carbon credits, and increasing investments in existing projects, the company told YourStory.

The carbon credits marketplace in India is still at a very nascent stage. The Carbon Credit Trading Scheme 2023 was launched by the Ministry of Power and the Ministry of Environment, Forests, and Climate Change last year to develop methodologies for the estimation of carbon emissions reduction and removal via various projects.

Discussions around the evaluation methods, as well as creating indexes around how carbon offsetting is required per industry or company are still ongoing.