April 19, 2023: Caret Capital and Ev2 Ventures have combined to establish a $50 million sustainability fund called Caret Capital Fund II. The fund will invest in the pre-Series A round in startups engaged on three areas of sustainability—mobility, distribution, and employment.
The fund has successfully onboarded anchor investors and will be managed by Pankaj Bansal, Karan Mittal, and Prajakt Raut as co-managing partners.
Karan Mittal, General Partner of Ev2 Ventures, stated it was strategic to expand resources given the size and scale of the opportunities in India. “Combining the collective power of both teams with an outstanding track record gives us the right foundation to create value supporting our thesis,” he added.
Caret Capital and Ev2 Ventures Fund to invest in sustainability—mobility, distribution, and employment startups
Ev2 Ventures, an early-stage venture capital firm, key focus areas involve the mobility segment, most importantly electric vehicles, investing in companies at the seed and pre-Series A stages. The VCs portfolio of startups encompass three-wheeler EV startup Euler, EV financing company Alt Mobility, and Logos, a platform aggregator for trucks, among others.
On the investment front Caret Capital has invested in Celsius, Citrus, Xindus, Ominivio, etc. Karan Mittal, General Partner at Ev2, has around two decades of experience in the financial services industry, including VC-PE and was associated with Velos Partners, Systematix Capital, and Sage Capital.
Prajakt Raut, Founder of Caret Capital in 2020, was previously the co-founder of tech startup Applyifi. Pankaj Bansal is the co-founder and group chief executive of human resources company, PeopleStrong.
