In a groundbreaking collaboration, two renowned venture capital firms, Caret Capital (formerly known as Supply Chain Lab) and Ev2 Ventures, have joined hands to establish a $50 million India Focused Early-Stage Sustainability Fund, Caret Capital Fund II. This strategic alliance aims to fuel the growth of pre-Series A startups operating in the interconnected sectors of mobility, distribution, and employment, crucial pillars for India’s burgeoning economy.
Managed by seasoned professionals Pankaj Bansal, Karan Mittal, and Prajakt Raut as co-Managing Partners, Caret Capital Fund II brings together decades of expertise in venture capital investment, with a strong focus on supporting category-building entrepreneurs.
Expressing their enthusiasm for the collaboration, Pankaj Bansal and Prajakt Raut, Co-Founders & Managing Partners of Caret Capital, remarked, “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.”
Karan Mittal, General Partner of Ev2 Ventures, echoed the sentiment, emphasizing the importance of pooling resources to seize India’s vast opportunities. “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,” said Mittal.
With nearly two decades of experience in venture capital, private equity, structured finance, and M&A across India, South East Asia, and the United States, Karan Mittal brings a wealth of expertise to the partnership. His notable investments include Silvercar, Chow Now, Just Inc, Hopscotch, Euler Motors, Eveez, and Alt Mobility, among others.
The Fund’s portfolios are set to benefit from the deep expertise and diverse global experience of an expanded base of advisors, further enhancing its ability to identify and nurture promising startups in India’s dynamic business landscape. The launch of Caret Capital Fund II marks a significant milestone in the journey towards fostering sustainable innovation and driving positive societal impact in India.
