Mirova invests $30 mn in Varaha's Kheti soil carbon project in India

Mirova has invested $30 million in Kheti soil carbon project, marking its first India carbon deal and its largest commitment under nature-based strategies aimed at scaling regenerative farming

Mirova, an affiliate of Natixis Investment Managers, on Thursday announced a $30 million investment in the Kheti soil carbon project developed by homegrown climate-tech company Varaha. The transaction is Mirova’s first carbon investment in India, marking its largest commitment to date under its nature-based carbon strategies.

 

While Mirova is a Paris-headquartered global asset management company dedicated to sustainable investing, Varaha is a Gurgaon-headquartered company that specialises in regenerative agriculture, agroforestry, biochar, and enhanced rock weathering projects.

 

The Kheti project aims to support the transition of over 337,000 smallholder farmers across 675,000 hectares in the Indian states of Haryana and Punjab toward regenerative practices, including direct seeding of rice, crop residue management, and reduced tillage. These practices are expected to generate high-quality carbon credits, with a revenue-sharing mechanism ensuring that farmers directly benefit from the sale of credits. The company’s digital platform enables real-time monitoring, reporting, and verification (MRV).

 

How will the Mirova–Varaha partnership support regenerative farming? 

Commenting on the announcement, Madhur Jain, managing director and chief executive officer (CEO) of Varaha, said, “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.”

 

Why is this Mirova’s largest carbon deal to date? 

Charlotte Lehmann, senior investment director at Mirova, noted, “This transaction — our largest carbon deal to date and our first in India under the natural capital platform — marks a pivotal milestone in our strategy. It 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.”

 

Since 2020, Mirova has mobilised more than $350 million from corporate partners to support nature-based carbon projects.