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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).

Mittal has earlier invested in startups like Silvercar, Chow Now, Just Inc, Hopscotch, Euler Motors, Eveez, Alt Mobility and Enmovil, among others.

The funds’ portfolios will also benefit from the deep expertise and diverse global experience of the expanded base of advisors.

“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, General Partner of Ev2 Ventures.