India, June 3 -- Sustainability-focussed Caret Capital has marked the first close of its second venture capital fund at INR 160 Cr (around $18.70 Mn), which has a target corpus of INR 400 Cr ($46.75 Mn).

For its Caret Capital Fund II, the VC firm has raised capital from Bajaj Auto, Transport Corporation of India (TCI) and a US-based non-profit private foundation.

Speaking to Inc42, Pankaj Bansal, cofounder and managing partner at Caret Capital, said that the VC firm aims to invest in 25 startups with an average ticket size of INR 12-15 Cr.

Without disclosing the names, Caret Capital further said in the statement that it has lined up four investments from the second fund.

These investments include a subscription-based electric two whee...