Mirova, a subsidiary of Natixis Investment Managers revealed a $30 million investment in the Kheti soil carbon initiative created by local climate-tech firm Varaha.

This transaction represents Mirova's inaugural carbon investment in India, signifying its biggest commitment thus far within its nature-based carbon strategies.

Mirova, a global asset management firm based in Paris, focuses on sustainable investing, whereas Varaha is a Gurgaon-based company that specializes in regenerative agriculture, agroforestry, biochar, and enhanced weathering projects.

The Kheti initiative seeks to assist more than 337,000 smallholder farmers within 675,000 hectares in Haryana and Punjab, India, in adopting regenerative practices such as direct rice seeding, crop residue management, and minimized tillage.

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These practices aim to produce high-quality carbon credits, incorporating a revenue-sharing system that allows farmers to directly gain from credit sales. The firm's digital platform allows for real-time tracking, reporting, and verification (MRV).

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Madhur Jain, managing director and chief executive officer (CEO) of Varaha says, “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.”

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Charlotte Lehmann, senior investment director at Mirova says, “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 mobilized more than $350 million from corporate partners to support nature-based carbon projects.