The collaboration between the Association of Industrial Development (AID) Nagpur and Caret Capital dedicated to fostering startups for enhancing India’s value chain, has been formalized through the signing of a Memorandum of Understanding (MoU).
Caret Capital is an innovative financial services firm providing strategic investment solutions. It offers personalized services to clients, navigating the complexities of the financial landscape. On the other hand, AID is a technology-driven company specializing in automated data analytics solutions. It delivers actionable insights to businesses, enhancing decision-making processes and optimizing operational efficiency.
This agreement was executed by Ashish Kale, President of AID, and Pankaj Bansal and Prajakt Raut, Managing Partners of Caret Capital. The ceremony, attended by Union Minister Nitin Gadkari and Devendra Fadnavis, Deputy Chief Minister of Maharashtra, marked a pivotal moment in this partnership.
The partnership strives to enhance the capabilities of small and medium-sized enterprises (SMEs) in Vidarbha by leveraging advanced technologies, granting them an edge in the supply chains of goods and services, human capital, as well as assets and infrastructure. Caret Capital’s commitment goes beyond financial support, encompassing both investment and mentorship for local startups.
Additionally, the collaboration aims to facilitate meaningful connections between startups and potential customers. Through the Caret Accelerator Programme, startups have the opportunity to secure funding of up to Rs 2 crore, while the Caret Capital Fund offers funding of up to Rs 8 crore, depending on the startup’s stage and scale.
Prajakt Raut, Co-founder and Managing Partner of Caret Capital stressed the need for SMEs to integrate futuristic solutions. Shashikant Chaudhary, a seasoned industrialist and angel investor from Nagpur, underscored the transformative impact of the collaboration, deeming it a game-changer.
Chaudhary emphasized that propelling to the next stage requires a combination of technology adoption and a well-aligned strategy. He further highlighted that the Memorandum of Understanding (MOU) forged between Caret Capital and Advantage Vidarbha is positioned to play a pivotal role in empowering midsize industries in the region to ascend to higher levels.
AID, renowned for its proactive engagement in promoting economic growth and industrial development in Nagpur, is in harmony with the vision of Caret Capital. Caret 360, the executive community spearheaded by Caret Capital, is poised to have an impact by facilitating connections between technology startups and corporate leaders, thereby enhancing the overall efficiency of India’s value chain.
Sandip Das, Chair of the Corporate Innovation Programme at Caret 360, has emphasized that the company is poised to play a pivotal role in reshaping businesses throughout India. He underscored Caret’s active participation in state initiatives, its timely provision of capital, the aggregation and accessibility of industry expertise, the imparting of skills through mentorship, and its encouragement for businesses to achieve global competitiveness.
The Caret 360 initiatives, led by prominent figures in the industry such as Tushar Jani, Sandip Das, and NS Rajan, encompass collaborative sessions with key players in various sectors aimed at propelling technological progress. This collaboration is set to transform the landscape of Vidarbha industries, introducing an innovative approach to foster economic development in the region.
