Mirova, a French climate-focused investment firm backed by Kering and other leading companies, has invested $30.5 million (€26.4 million) in Indian climate change technology startup Varaha. The investment will help scale the startup’s regenerative agriculture program, supporting hundreds of thousands of smallholder farmers in northern India.
This contract marks Mirova’s first carbon investment in India, but its structure is unique. The Paris-based company is investing cash, rather than taking stock, and in return it will receive a portion of the carbon credits it generates over time.
The deal is part of Milova’s carbon investment strategy, which directs corporate capital to verified emissions reduction projects. The company is an affiliate of Natixis Investment Managers, and its backers include Gucci’s parent company Kering, Orange, L’Occitane Group, Capgemini, Unibail-Rodamco Westfield and MANE. These are all companies looking to offset their supply chain emissions through credible carbon initiatives.
Regenerative agriculture – the practice of restoring soil health and increasing biodiversity through methods such as crop rotation and reduced tillage – is gaining attention as a practical approach to making agriculture more resilient to climate change. With millions of smallholder farmers in India facing declining soil fertility and erratic rainfall, this approach emphasizes survival as well as sustainability.
Founded in 2022, Varaha designs and operates carbon projects across regenerative agriculture, agroforestry and biochar. It conducts field work through a network of 48 local partners, and its software monitors these projects in real time, reporting and verifying both climate and social outcomes.
Milova is investing in Varaha’s Keti project, which works with farmers in the Indian states of Haryana and Punjab to introduce low-emission practices and generate proven carbon credits that provide an additional source of income. So far, the project has covered more than 200,000 hectares and, when scaled up, is expected to impact 675,000 hectares and approximately 337,000 farmers.
Varaha’s approach is rooted in practices tailored to India’s cropping system, particularly the country’s rice-growing belt. Madhur Jain, co-founder and CEO of Varaha, said in an interview that the startup focuses on direct seeding of rice and incorporating crop residue into the soil.
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“Rather than burning the residue, we cut it on the farm using agricultural machinery and mix it back into the soil,” he told TechCrunch.
The startup also promotes reduced tilling operations, reducing multiple tilling operations to one or two, helping to conserve soil carbon and improve soil storage capacity over time.
The startup plans to use Mirova’s investment to procure the machinery needed to implement the regenerative practices.
“If we have to do direct sowing of rice instead of transplanting, which requires a lot of water, we will need thousands of direct sowing machines,” Jain said. “The number of seeders available on the market is much less than what is needed because this is not yet customary. So you have to go to the manufacturer and get it. Similarly, to mix in crop residues, you need machines like Happy Seeder or Super Seeder.”
Credits generated under this program are validated using Verra’s VM0042 methodology and use a revenue-sharing model designed to distribute revenue directly to participating farmers. The project is also seeking Climate, Community and Biodiversity (CCB) certification from Verra, a nonprofit organization that certifies land management projects that provide co-benefits for the environment, communities, and biodiversity.
Verra, one of the leading organizations that verifies carbon credits globally, has come under criticism following research suggesting some projects it approves may be exaggerating carbon reductions.
Varaha still prefers using Vera for regenerative agriculture projects because the nonprofit is the only organization that offers “cutting-edge scientific methodologies on soil carbon.” Jane said. However, he added that Varaha is not tied to a single registry and works with other major standards such as Puro and Isometric.
“So far, no one has questioned Vera’s achievements in terms of soil organic carbon,” he says.
In addition to reducing emissions, Varaha’s technology aims to improve soil health, reduce water use, limit chemical inputs, increase crop yields, reduce agricultural costs and contribute to cleaner air. The startup also plans to develop dedicated programs for women farmers, with the aim of strengthening gender inclusion within rural communities.
Varaha’s global reputation was boosted by a deal it signed with Google earlier this year, billed as the world’s largest biochar carbon removal contract. The tech giant plans to buy 100,000 tonnes of carbon removal credits from the startup by 2030.
Varaha’s investors include RTP Global, Omnivore, Orios Venture Partners, IMC Pan Asia Alliance Group’s Octave Wellbeing Economy Fund, and Japan’s Norinchukin Bank. The company has raised $12.7 million in venture funding to date, including $8.7 million in a Series A round last year.
