Kering-backed fund Mirova pours $30.5M into India’s Varaha for regenerative farming

Mirova, a French climate-focused investment firm backed by luxury group Kering and other major corporations, has invested $30.5 million (€26.4 million) in Indian climate tech startup Varaha to expand its regenerative farming program. This marks Mirova’s first carbon investment in India and is structured uniquely: instead of equity, Mirova provides cash in exchange for a share of carbon credits generated over time. The investment supports Varaha’s Kheti project, which promotes low-emission agricultural practices among smallholder farmers in Haryana and Punjab, aiming to improve soil health and generate verified carbon credits as an additional income source. The project currently covers over 200,000 hectares and plans to scale to 675,000 hectares, reaching approximately 337,000 farmers. Varaha, founded in 2022, operates through a network of 48 local partners and uses software to monitor and verify climate and social outcomes in real time. Its regenerative farming methods focus on practices tailored to India