Caret Capital and Ev2 Ventures Join Forces to Launch $50 Million India-Focused Fund

Preeti Bali / 2:26 pm / April 22, 2024

Venture capital firms Caret Capital and Ev2 Ventures have announced a strategic merger to launch a new $50 million fund dedicated to early-stage Indian startups. Dedicated Caret Capital Asset II, the asset will focus on interests in pre-Series An organizations across three key areas – portability, circulation, and business.

Synergy and Expansion: A Foundation for Growth

A joint statement from both firms confirmed the presence of anchor investors already secured for the new fund. This collaboration is expected to leverage the combined expertise and resources of both teams, leading to enhanced operational efficiency.

Shared Vision, Strengthened Impact

Commenting on the affiliation, Pankaj Bansal and Prajakt Raut, individual advocates and supervising accessories of Caret Capital, imparted their fervor. “Karan’s wide experience upholds the phenomenal history we’ve spread out at Caret Capital,” they communicated. “As we set out on this journey to raise a greater resource, uniting with someone who shares our desires, vision, and values is really fortunate.”

Scaling Up to Seize Opportunities

Karan Mittal, general partner at Ev2 Ventures, echoed these sentiments: “The sheer scale and scope of opportunities in India necessitate the expansion of our resources. Combining the strengths of both teams, with their proven track records, provides us with a solid foundation to deliver value in line with our investment philosophy.”

Fund Management and Portfolio Highlights

The newly formed entity will be led by a triumvirate – Pankaj Bansal, Prajakt Raut, and Karan Mittal. Founded in 2020, Caret Capital has a history of investing in early-stage sustainability-focused ventures. Its portfolio features companies like Stylumia (B2B fashion), Celcius (cold supply chain solutions), and Tusker (logistics platform).

Ev2 Ventures, also a pre-Series A VC firm, boasts investments in Euler Motors (electric vehicle manufacturer), Cogos Technologies (logistics startup), and Alt Mobility (EV financing platform). Notably, Caret Capital recently participated in an undisclosed funding round for Kolkata-based logistics platform SuperProcure.

A Thriving Ecosystem: A Surge in New Funds

This development aligns with the current boom in new fund launches within the Indian startup ecosystem. Earlier this week, angel network BizDateUp Technologies unveiled a ₹200 crore fund dedicated to investing in homegrown technology startups.

News also emerged last month suggesting A91 Partners poised to raise its biggest fund to date at $700-750 million. March witnessed the launch of a ₹100 crore fund by revenue-based financing platform GetVantage, specifically aimed at backing women entrepreneurs.

February saw similar activity with VC firm Endiya Partners reportedly finalizing the launch of its third fund, estimated to be in the range of $100-$125 million. Notably, according to Inc42, a staggering $5 billion worth of new India-focused funds were launched in the country during the previous year.

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