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Working closely with Indian farmers at Bayer and Monsanto, Ankita Garg saw their daily struggles—climate shocks, small landholdings, and limited resources—unlike the mechanized, well-supported farms in the US and Europe. This disparity ignited her mission to co-found Varaha in 2022, leveraging carbon markets and climate-smart agriculture to transform sustainability into economic opportunity for smallholder farmers.
“Varaha addresses the pressing issues of climate change and food security by reducing agricultural emissions and improving soil health through nature-based solutions,”said Ankita Garg, Co-founder and COO at Varaha. “With the voluntary carbon market projected to exceed USD 100 billion by 2030, Varaha’s target market across its operating geographies is estimated at USD 60 billion, offering significant growth potential.”
Early-stage investors Omnivore and Better Capital were among the first to back Varaha’s mission, supporting its seed round. “Their belief in our vision set the foundation for tackling climate change and food security issues,” shared Ankita.
Since its inception, Varaha has raised USD 13 million in funding from prominent investors such as RTP Global, Orios Venture Partners, Norinchukin Bank, Theia Ventures, Octave Wellbeing Economy Fund, and AgFunder. This financial backing has accelerated Varaha’s expansion across India, Nepal, Bangladesh, and Kenya. Today, the startup claims to have onboarded over 100,000 farmers covering one million acres, sequestering over two million tons of carbon.
“Being a female entrepreneur was just one challenge—navigating carbon markets meant overcoming skepticism, building scalable MRV systems, and ensuring scientific rigor while staying farmer-friendly,” Ankita explained. Her background in biotechnology and corporate experience helped bridge the gap between science, execution, and farmer realities.
Despite achieving milestones like securing Series A funding and partnering with Google, challenges remain. “Registry delays that slow credit issuance, affecting farmer payouts and project timelines, continue to be a hurdle,” Ankita stated.
Looking ahead, Varaha plans to expand its full-stack sustainable agriculture ecosystem, leveraging partnerships, IoT, and satellite technology. With access to over 10 million farmers and 20 million hectares through 100+ partners, it aims to scale its impact globally.
Varaha also champions diversity, with 24% of its workforce being women and over 7,000 women empowered through its projects. Financially, the startup has seen exponential growth, with revenues reaching INR 21 crore in FY 2024-25, up from INR 5.8 crore in FY 2023-24 and INR 52 lakh in FY 2022-23.
Under Ankita’s leadership, Varaha is revolutionising climate-smart agriculture, making sustainability a viable economic pathway for farmers worldwide.
Facts:
- Founded: 2022
- Team: 158 employees (125 male)
- Total funding: USD 13 Mn
