Climate-tech startup Varaha has won the 'Social Enterprise' category at the ET Startup Awards 2026. The firm uses AI to help smallholder farmers earn income from global carbon markets. It is important for investors to note that Varaha is a private company and is not listed on any stock exchange.
Varaha Climateag Private Limited, a climate-tech startup, has been named the Social Enterprise winner at the Economic Times Startup Awards 2026. This recognition highlights the firm’s role in bridging the gap between smallholder farmers and global corporations that are looking to reduce their carbon footprint to meet net-zero targets.
The company operates by using artificial intelligence and satellite technology to track and verify climate-friendly farming practices. This system allows farmers in India, Nepal, Bangladesh, Kenya, and Côte d’Ivoire to adopt techniques like biochar application and tree planting. These methods help restore soil health and biodiversity, while also creating a verified carbon removal credit that can be sold to major international companies.
Financially, the company has reported a period of growth. According to data provided by the firm, revenue reached Rs 105.2 crore in the 2026 fiscal year, compared to Rs 51.7 crore in the previous year. The company also reported a net profit of Rs 1.8 crore for the same period. The business is supported by long-term agreements with global entities such as Google, Microsoft, Lufthansa, and Nestlé, which purchase the carbon credits generated through its projects.
While the company has seen growth in its operations and funding, it operates in the carbon markets, which are complex and still evolving. The business model relies on the consistent demand for high-quality, verified carbon credits from global corporations. Any shift in corporate climate policies or global regulations regarding carbon trading could affect the company’s ability to generate revenue. Additionally, managing agricultural projects across five different countries involves significant operational and execution risks, as local farming conditions and regulatory environments vary.
For readers interested in the market, it is important to understand that Varaha is a private limited company. It is not a publicly listed entity on the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE). This means the company’s shares are not traded on public markets, and it lacks the liquidity of publicly listed stocks. Investors should view this as an emerging startup rather than a traditional stock investment. The key monitorable for the business going forward will be its ability to scale its technology across new regions while maintaining the quality of its carbon removal credits and managing its debt and cash flow effectively as it expands.