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Two venture capital funds—Caret Capital and Ev2 Ventures—have partnered to form a $50 million sustainability fund called Caret Capital Fund II.

Caret Capital Fund II will invest in the pre-Series A round in startups focusing on three areas of sustainability—mobility, distribution, and employment.

According to a statement, the fund has already secured anchor investors and will be managed by Pankaj Bansal, Karan Mittal, and Prajakt Raut as co-managing partners.

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Karan Mittal, General Partner of Ev2 Ventures, said it was crucial to expand resources given the size and scale of the opportunities in India. “Combining the collective power of both teams with an outstanding track record gives us the right foundation to create value supporting our thesis,” he added.

Ev2 Ventures, an early-stage venture capital firm, focuses on the mobility segment, especially electric vehicles, investing in companies at the seed and pre-Series A stages. Its portfolio of startups includes three-wheeler EV startup Euler, EV financing company Alt Mobility, and Logos, a platform aggregator for trucks, among others.

Meanwhile, Caret Capital has invested in Celsius, Citrus, Xindus, Ominivio, etc.

Karan Mittal, General Partner at Ev2, has around two decades of experience in the financial services industry, including VC-PE and was associated with Velos Partners, Systematix Capital, and Sage Capital.

Prajakt Raut, Founder of Caret Capital in 2020, was previously the co-founder of tech startup Applyifi. Pankaj Bansal is the co-founder and group chief executive of human resources company, PeopleStrong.