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Home Funding News Caret Capital Marks First Close Of Rs 400 Cr Sustainability-Focussed Fund

Caret Capital Marks First Close Of Rs 400 Cr Sustainability-Focussed Fund

According to cofounder and managing partner Pankaj Bansal, the firm plans to invest in 25 startups, with average investments ranging from Rs 12–15 crore

By Jitendra swami
New Update
Caret Capital Marks First Close Of Rs 400 Cr Sustainability-Focussed Fund

Caret Capital, a venture capital firm focused on sustainability, has announced the first close of its second fund at Rs 160 crore (around $18.7 million), with a total target of Rs 400 crore ($46.75 million).

The fund has received backing from Bajaj Auto, Transport Corporation of India (TCI), and a US-based private nonprofit foundation.

According to cofounder and managing partner Pankaj Bansal, the firm plans to invest in 25 startups, with average investments ranging from Rs 12–15 crore. While names haven’t been disclosed, the firm said it has already lined up four deals from this new fund.

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The fund’s early investments include an electric two-wheeler platform for gig workers, a company managing battery life cycles, a livestock feed distribution startup for rural areas, and an AI-based SaaS tool that tracks carbon emissions in supply chains.

Caret Capital’s Pankaj Bansal said the fund is likely to reach its final close by the end of this year—earlier than expected—thanks to strong investor interest.

This progress follows the joint announcement by Caret Capital and Ev2 Ventures over a year ago to launch the India-focused fund.

About Caret Capital

Founded in 2020 by Bansal and Prajakt Raut, Caret Capital is an early-stage VC firm focused on sustainability. Last year, it merged with Ev2 Ventures while launching its new fund. The combined portfolio now includes startups like Celcius, Unstop, Traqcheck, EVeez, Awign, and Enmovil.

The current fund is managed by Pankaj Bansal, Shridhar Raut, and Karan Mittal, who is also a general partner at Ev2 Ventures.

Caret Capital also runs an accelerator program that provides funding, hands-on support, and strong market access to early-stage startups.

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