NEW DELHI: Sustainability fund Caret Capital and Ev2 Ventures, an early-stage smart mobility fund, on Thursday announced a $50 million India-focused fund to invest in startups in the mobility, distribution and employment sectors.

The ‘Caret Capital Fund II’ will invest in Pre-Series A startups in the country.

According to the VC firms, the new fund would be managed by Pankaj Bansal, Karan Mittal and Prajakt Raut as co-managing partners.

“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,” said Bansal and Raut, co-founders and managing partners of Caret Capital (formerly known as Supply Chain Lab).