Mirova’s $30 million bet on Varaha signals rising global confidence in India’s climate-tech play

Global climate investor Mirova has made its largest-ever carbon transaction — a $30 million investment in Varaha’s regenerative agriculture project — underscoring India’s fast-growing appeal as a global hub for high-quality, nature-based carbon credits.

Speaking to CNBC-TV18, Madhur Jain, MD & CEO of Varaha, said India offers a unique confluence of capabilities that investors like Mirova are now actively seeking. “When you look at the key ingredients for creating high-quality carbon credits at scale, it starts with scientific and tech talent. And India has that depth,” he said.

Beyond talent, India’s sheer agricultural footprint — nearly 400 million acres of farmland across varied cropping systems — is giving the country an edge in the global carbon economy. “We are one of the largest producers of major cash and food crops globally, which we not only consume but also export,” Jain added. “These right conditions — talent, scientific data, evidence, agricultural land holdings — come together to allow funds like Mirova to make such large investments in India.”

The Kheti project, supported by Mirova’s capital, is already operational across Haryana and Punjab and is working with over 3.37 lakh smallholder farmers. Varaha plans to use the new funds to expand farmer training, scale its digital monitoring systems, and invest in on-ground machinery that enables regenerative farming practices.

According to the company, the investment will accelerate the creation of high-quality nature-based carbon credits backed by scientific rigour and a robust monitoring framework — a priority for global carbon buyers seeking “high-integrity” offsets.

Jain said India’s potential in this space remains substantially untapped. “The combination of large-scale agriculture, strong scientific foundations, and on-ground execution capacity is unmatched,” he noted. “Global investors are recognising that India can become a major centre for high-integrity, nature-based climate solutions.”

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