Caret Capital Fund II: New Collaborative Fund Between Caret Capital And Ev2 Ventures

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With a focus on sectors like mobility, distribution, and employment, venture capital (VC) firms Caret Capital and Ev2 Ventures have collaborated to launch a new $50 million fund aimed at nurturing early-stage startups in the country. The fund named Caret Capital Fund II, is a collaboration between Caret Capital and Ev2 Ventures that is dedicated to supporting promising startups in the mobility, distribution, and employment sectors.

By leveraging the expertise and resources of both Caret Capital and Ev2 Ventures, Caret Capital Fund II aims to not only provide financial support but also guidance and mentorship to help startups scale their businesses. With anchor investors already on board, the fund plans to make a huge impact on India’s startup ecosystem and contribute to its continued growth and development.

The fund will be managed by Prajakt Raut– Managing Partner of Caret Capital, Pankaj Bansal– Managing Partner of Caret Capital, and Karan Mittal– Managing Partner of Caret Capital & Partner of Ev2 Ventures.

Commenting on the merger of the teams and the launch of the fund, Caret Capital’s cofounders and managing partners Pankaj Bansal and Prajakt Raut said, “Karan’s experience only adds to the exceptional outcomes that we have seen in our investing journey at Caret Capital. As we commence our journey of raising a larger fund, we are fortunate to have found in Karan a partner with shared aspirations, vision, and values.”

Founded in 2020, Caret Capital is an early-stage venture capital firm based in India. The firm specializes in investing in startups operating in the sustainability domain. Caret Capital’s investment portfolio includes companies such as Stylumia, Celcius, and Tusker. Led by its founders, Caret Capital aims to support early-stage startups by providing them with financial backing, strategic guidance, and access to resources to help them scale and succeed.

“Caret provides timely capital, aggregates and makes accessible industry expertise, imparts skills through mentorship, and helps startups improve their chances of success.” Said Sandip Das, ex-CEO – of Hutchison and ex-MD Jio, and co-chair Caret Innovation Lab and Caret Accelerator.

On the other hand, Ev2 Ventures is a pre-Series A venture capital firm that also operates in India. The firm focuses on investing in startups at the early stages of their growth, providing support to help them accelerate their development and scale their businesses.

Ev2 Ventures’ investment portfolio includes companies like Euler Motors, Cogos Technologies, and Alt Mobility. With a track record of backing promising startups, Ev2 Ventures aims to leverage its expertise and resources to identify and support innovative ventures with high growth potential.

The Cater Capital Fund II will be led by Prajakt Raut, Pankaj Bansal, and Karan Mittal. Prajakt Raut is an entrepreneur who served as the head of operations at Indian Angel Network and as Asia Director for The Indus Entrepreneurs (TiE). Moreover, Raut is the author of the book ‘Starting Up & Fund Raising’, which helps entrepreneurs understand investor perspectives and the basic elements of building a successful business.

Pankaj Bansal is also an entrepreneur who is the Co-Founder of PeopleStrong, an HR tech SAAS platform in Asia. Bansal is also the Founder Trustee of YouinYou, a charitable trust dedicated to providing education to underprivileged children. Additionally, he serves as a board member of the Prime Minister’s KarmYogi Bharat initiative.

Karan Mittal is a Private Equity & Venture Capital professional who has served on the boards of several early-stage startups, including Alt Mobility, Eveez, and Enmovil, where he plays a key role in guiding their growth and development. Together, they bring a range of expertise to support startups in India.

Ev2 Ventures general partner Karan Mittal said, “Given the size and scale of the opportunities that India has, it was crucial to expand our resources. Combining the collective power of both teams with an outstanding track record gives us the right foundation to create value supporting our thesis.”

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