Caret Capital, Ev2 Ventures Unite to Launch $50 Mn Sustainability Fund

Three points you will get to know in this article:

  • Caret Capital Fund II invests in early-stage Indian startups in mobility, distribution, and employment.
  • Caret Capital’s new fund led by Pankaj Bansal, Prajakt Raut, and Ev2’s Karan Mittal.
  • In 2023, over $5 billion in new India-focused funds were launched.
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Introduction to Caret Capital and Ev2 Ventures

Caret Capital is a Venture Capital fund that specializes in funding startups within critical sectors for India’s growth, namely Mobility, Distribution, and Employment. The fund aims to support and nurture startups that are pivotal for India’s progress. Additionally, Caret360, an associated CXO community and platform, assists corporations in discovering, piloting, and adopting innovations.

Ev2 Ventures is a venture capital firm focusing on smart mobility and transportation technology startups in India. The firm invests in early to pre-series A stage companies and seeks to partner with ambitious entrepreneurs in the smart mobility sector. The key sectors of interest for Ev2 Ventures include Electric Vehicles, Connected Supply Chain, Logistics Technology, Micro-mobility, Agri Supply Chain, Warehousing Tech, and Sharing Economy.

Ventures Unite to Launch Caret Capital Fund II for India

Caret Capital and Ev2 Ventures, two renowned venture capital (VC) firms, have united their strengths to introduce a fresh $50 million (approximately 416 Crores INR)fund aimed specifically at India. Dubbed as Caret Capital Fund II, this newly minted fund is geared towards backing early-stage Indian startups, particularly those in the mobility, distribution, and employment sectors, before they hit Series A stage.

Merging Expertise and Resources

The firms have shared in a joint statement that they’ve already secured commitments from key investors for this venture.

This collaboration is anticipated to pave the way for both firms to capitalize on each other’s expertise, resources, and networks, thereby enhancing their operational effectiveness.

In regards to the team merger and fund launch, Pankaj Bansal and Prajakt Raut, the cofounders and managing partners of Caret Capital, commented, “Karan’s experience further enhances the successful outcomes we have achieved in our investment journey at Caret Capital. We are grateful to have Karan as a partner in our efforts to raise a larger fund, as he shares our aspirations, vision, and values.”

Meanwhile, Karan Mittal, general partner at Ev2 Ventures, stated, “With the vast opportunities in India, it was essential to enhance our resources. By leveraging the strengths of both teams, which have a proven track record, we are well-positioned to add value and support our investment thesis.”

Team and Fund Leadership

The new fund will be led by Bansal, Raut, and Mittal. Established in 2020 by Raut and Mittal, Caret Capital is an early-stage fund that focuses on investing in startups within the sustainability sector. The fund’s portfolio includes B2B fashion startup Stylumia, cold supply chain solutions provider Celcius, and logistics platform Tusker.

Similarly, Ev2 Ventures is a pre-Series A VC firm that has investments in EV maker Euler Motors, logistics startup Cogos Technologies, and EV financing platform Alt Mobility.

Investment Portfolio Expansions

Caret Capital has just poured an undisclosed sum into SuperProcure, a logistics hub based in Kolkata. But that’s not all – they’ve also teamed up with Peyush Bansal, the brains behind Lenskart, to back TraqCheck, a startup specializing in employee background checks.

And as if that wasn’t exciting enough, this news comes at a time when India’s startup scene is buzzing with new fund launches. Just the other day, BizDateUp Technologies announced a hefty INR 200 Cr fund, ready to fuel the growth of our homegrown tech talents. Exciting times ahead, indeed!

Continuous Growth in VC Fund Launches

In the previous month, there were reports that A91 Partners was preparing to raise its largest fund to date, totaling $700-750 million. Additionally, in March, revenue-based financing platform GetVantage announced its INR 100 crore fund to support women entrepreneurs. In February, VC firm Endiya Partners was reportedly in the final stages of launching its third fund, expected to be between $100-$125 million. Additionally, India saw the launch of $5 billion worth of new funds focused on the country last year.

Caret Capital Fund II, a newly launched $50 million fund, is the result of the partnership between venture capital firms Caret Capital and Ev2 Ventures. This fund aims to support early-stage Indian startups in the mobility, distribution, and employment sectors. The collaboration is set to enhance operational effectiveness by leveraging each firm’s expertise and resources. Notably, Caret Capital recently invested in SuperProcure and TraqCheck, while India’s startup environment is bustling with new fund launches, highlighting the continuous growth in VC investments.

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