Mirova, a French climate-focused asset manager affiliated with Natixis Investment Managers has invested $30.5 million (₹250 crore) in Indian agritech firm Varaha to support projects that promote regenerative farming, strengthen soil health, and expand the country’s emerging carbon-credit efforts.
Under Varaha’s Kheti project, the investment is structured as a revenue share on carbon credits rather than traditional equity and will support the expansion of regenerative farming across 675,000 hectares in Haryana and Punjab, reaching more than 337,000 smallholder farmers and helping them shift to practices such as direct seeding of rice (DSR), crop residue management, and reduced tillage.
This partnership is a strong validation of Varaha’s vision to make regenerative agriculture a cornerstone of India’s climate strategy. Our work with thousands of smallholder farmers demonstrates that large-scale, high-integrity carbon projects can also deliver meaningful livelihood benefits. We are deeply grateful to Mirova for their trust and partnership
According to Varaha, these practices are expected to help increase soil carbon while reducing emissions from stubble burning and lowering water use. Mirova says the partnership reflects its plan to expand high-integrity climate-finance projects across Asia. The investment marks Mirova’s first carbon transaction in India as well as its largest single commitment under its nature-based carbon strategy.
Mirova’s Carbon Credit Affirmation
Since 2020, Mirova has raised more than $350 million from corporate partners to support nature-based carbon projects through its natural capital platform. The firm says it manages €33 billion in assets and focuses on initiatives that pair long-term financial returns with environmental and social impact.
For Mirova, the investment aligns with its approach to financing climate solutions that also aim to improve rural incomes.The firm manages a range of sustainability led assets, and its global backers include Gucci’s parent company Kering, Norinchukin Bank, the European Investment Bank and the Coca-Cola Foundation.
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According to Mirova, the project is expected to deliver benefits beyond climate mitigation. It aims to restore ecosystems through healthier soils, improved biodiversity, reduced water use and lower chemical inputs.
It also seeks to strengthen rural livelihoods by raising yields, cutting input costs, improving air quality and creating jobs. Mirova adds that the initiative includes a focus on gender inclusion, with efforts to engage women farmers and support female entrepreneurship in rural communities.
It (partnership with Varaha) opens up new avenues to scale high-integrity nature-based investments across the Asia-Pacific region. Kheti exemplifies how carbon finance can drive systemic transformation in agriculture while strengthening the resilience of vulnerable rural communities
Earlier this year, Mirova expanded its nature-based climate portfolio with carbon investments totaling $40 million across Argentina, Costa Rica and Madagascar. The allocations include the Juramento project in Argentina, which is aimed at restoring 3,000 hectares of degraded Gran Chaco land through native reforestation.
In Costa Rica an initiative led by rePlanet aims to regenerate 30,000 hectares through a mix of reforestation and regenerative cattle grazing expected to produce 5.2 million carbon credits. Lastly, a community driven programme in Madagascar led by iTeraka seeks to plant three million trees over eight years, supporting around 15,000 farmers and sequester an estimated 1.5 million tons of carbon dioxide (CO₂) over 30 years.
Kheti for Measurable Climate Outcomes
The Kheti project follows Verra’s VM0042 methodology, a widely used global standard for measuring soil carbon gains and emission reductions from improved agricultural practices. The company operates 13 carbon projects across India, Nepal and Bangladesh, linking carbon finance directly to smallholder agriculture, in an effort to help farmers access global carbon markets while encouraging sustainable land management practices.
Varaha has raised $12.7 million in venture funding to date, including an $8.7 million Series A last year from investors including RTP Global, Omnivore, and Japan’s Norinchukin Bank. The Mirova deal represents a shift in Varaha’s approach, introducing a model where patient capital is linked to measurable climate outcomes rather than conventional growth metrics.
If scaled well, the partnership could demonstrate how private capital can drive climate mitigation in agriculture, one of India’s most emission-intensive sectors by generating high-quality carbon credits and using a revenue-sharing structure that ensures farmers directly benefit from their sale.
