This name is also used in J.R.R. Tolkien's books. It is the name of the Queen of the Valar. Varda is also called the queen of the stars and is the most revered of the Valier by the elves.
Varad or Varada is also an Indian name which is my own name too and it means bestower (da) of blessing (var), consequently it is also the name of Hindu god Vishnu's consort (Lakshmi). Hence it also means Lakshmi which is goddess of wealth in Hindu mythology.