"Mirova, the French climate-focused investment firm backed by Kering and other corporate heavyweights, has invested $30.5 million (€26.4 million) in Indian climate tech startup Varaha. This investment will help to expand the startup's regenerative farming program, supporting hundreds of thousands of smallholder farmers in northern India. The deal marks Mirova's first carbon investment in India, but its structure is unusual. Rather than taking equity, the Paris-based firm is investing cash, and will get a share of the carbon credits generated in return over time."
"Founded in 2022, Varaha designs and operates carbon projects across regenerative agriculture, agroforestry, and biochar. It works through a network of 48 local partners to carry out field operations and its software monitors these projects in real-time, reporting, and verifying both climate and social outcomes. Mirova is investing in Varaha's Kheti project, which works with farmers in the Indian states of Haryana and Punjab to adopt low-emission practices and generate verified carbon credits that can provide an additional source of income."
Mirova invested $30.5 million (€26.4 million) in Indian climate tech startup Varaha to expand regenerative farming and support hundreds of thousands of smallholder farmers in northern India. The investment is structured as cash for a share of future carbon credits rather than an equity stake. Mirova channels corporate capital from backers such as Kering, Orange, L'Occitane Group, Capgemini, Unibail-Rodamco-Westfield, and MANE into verified emissions-reduction projects. Regenerative farming restores soil health and biodiversity through practices like crop rotation and reduced tillage. Varaha, founded in 2022, operates projects across regenerative agriculture, agroforestry, and biochar with 48 local partners and real-time monitoring. The Kheti project in Haryana and Punjab covers over 200,000 hectares and generates verified carbon credits as an additional income source for farmers.
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