Mirova Commits $30M to Varaha’s Regenerative Farming Project in India

Paris-headquartered Mirova, a sustainable investment arm of Natixis Investment Managers, has made a landmark $30 million investment in Varaha’s Kheti soil carbon project in India. This marks Mirova’s first carbon deal in India and its largest single commitment under its nature-based carbon strategies, reflecting an ambitious push to scale high-integrity climate solutions across Asia.

Varaha’s Regenerative Agriculture Model and Project Scope

Founded in 2022, Varaha is Asia’s largest carbon project developer focused on regenerative agriculture, agroforestry, and biochar generation. The Kheti project supports over 337,000 smallholder farmers across 675,000 hectares in Haryana and Punjab, encouraging practices like direct seeding of rice, crop residue management, and reduced tillage. These activities not only sequester carbon but also generate high-quality carbon credits sold through a revenue-sharing model to benefit farmers directly under Verra’s VM0042 methodology. The project aims for Climate, Community & Biodiversity (CCB) certification, underscoring its commitment to environmental and social standards.

Madhur Jain, MD & CEO of Varaha, stated, “This partnership validates our vision to embed regenerative agriculture at the heart of India’s climate strategy. Large-scale projects can deliver meaningful livelihood benefits while contributing to greenhouse gas reduction.”

Charlotte Lehmann, Senior Investment Director at Mirova, highlighted the transaction’s significance: “This largest carbon deal to date opens avenues to expand nature-based investments across Asia-Pacific, driving systemic transformation in agriculture while strengthening vulnerable rural communities.”

Beyond carbon sequestration, the initiative enhances soil health and biodiversity, reduces water use, and lowers chemical inputs. It also promotes gender inclusion and rural entrepreneurship with targeted support for women farmers. Varaha’s digital platform ensures real-time monitoring, reporting, and verification (MRV), providing transparency on climate and social outcomes.

Mirova’s Climate Finance Strategy and Market Influence

Mirova, which manages approximately €33 billion in assets, has mobilised over $350 million in nature-based carbon projects since 2020, aiming to accelerate climate finance maturity in emerging markets.

Bridging Sustainable Finance and Agri-Tech Innovation

This deal exemplifies the growing convergence between sustainable finance and agritech innovation, showing how carbon markets can align environmental goals with rural prosperity, creating scalable impact in the B2B climate-tech sector.