Mirova, the French climate-focused investment firm backed by Kering and other corporate heavyweights, has invested $30.5 million (€26.4 million) in Indian climate tech startup Varaha . This investment will help to expand the startup’s regenerative farming program, supporting hundreds of thousands of smallholder farmers in northern India.

The deal marks Mirova’s first carbon investment in India, but its structure is unusual. Rather than taking equity, the Paris-based firm is investing cash, and will get a share of the carbon credits generated in return over time.

This arrangement is part of Mirova’s carbon investment strategy, which channels corporate capital into verified emissions-reduction projects. The firm is an affiliate of Natixis Investment Managers and counts among its backers

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