WestBridge Capital led a $20-million funding in climate-tech firm Varaha, while Unicorn India Ventures has closed its third fund at Rs 1,200 crore.
Varaha raises $20m in Series B funding
Varaha, a climate-tech startup in India, has secured as much as $20 million in the first tranche of its Series B funding led by private equity (PE) major WestBridge Capital, per media reports.
The round also saw the participation of its existing investors RTP Global and Omnivore.
The total corpus that the firm is expected to raise in its Series B round is about $45 million. Varaha last raised $8.7 million, led by RTP Global, in February 2024.
The funds raised will enable the company to expand its global presence, enhance its scientific capabilities and measurement, reporting, and verification (MRV) systems, and scale a new industrial partnership model centred on biochar-based carbon removal.
Established in 2022, Varaha develops carbon removal projects spanning biochar, afforestation and reforestation, regenerative agriculture, and enhanced rock weathering.
Apart from India, the company also has a presence in markets of South Asia and Africa, where it collaborates closely with local partners and smallholder farmers.
Unicorn India Ventures exceeds target
Unicorn India Ventures, a venture capital firm specialising in deeptech investments, has closed its third fund with a corpus of Rs 1,200 crore, exceeding its initial target of Rs 1,000 crore.
Limited partners in the fund include Sidbi, SBI, Nabard, and the state governments of Kerala, Madhya Pradesh, and Odisha, along with contributions from several HNIs, UHNIs, and family offices.
Unicorn India focuses on investing in semiconductors, spacetech, and AI infrastructure. The firm says it has already seen strong early momentum, with 7-8 portfolio companies securing significant follow-on funding rounds.
The fund plans to make around 20 investments, with an average cheque size ranging from Rs 10-15 crore. It expects to announce four new investments in the coming months across sectors such as quantum sensing, agritech, and spacetech.
The firm has so far has built a portfolio of nearly 50 companies, with a combined valuation of approximately $5 billion.
