Mumbai-based venture capital firm LightBox, an investor in startups like Nua, Droom, Rebel Foods and Furlenco, has closed its third India-focused fund at $209 million from 28 investors, according to a regulatory filing.
With this closure, the total capital raised in fund III stands at more than $400 million. The firm announced the first close of the fund at $178 million in September 2018, with the final target corpus of $200 million, at the time.
Founded in early 2014 by Sandeep Murthy, Sid Talwar and Prashant Mehta, LightBox’s latest fund focuses on healthcare, fintech, financial services, and content.
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In March 2019, LightBox led a $4 million Series A round in women’s wellness brand Nua, along with existing investor Kae Capital. In the same month, it also participated in a Rs 110 crore ($15.8 million) funding of cloud kitchen restaurant company Rebel Foods, which operates the Faasos brand, with Sequoia Capital India and Evolvence India Fund.
Last year, the firm marked a successful exit from Embibe, after Mukesh Ambani-led Reliance Industries acquired a stake of 72.69 percent in the Bengaluru-based AI education platform, for $180 million. It was also an investor in companies like InMobi, Info Edge and Cleartrip.
Earlier this month, Bengaluru-based VC firm Chiratae Ventures also received a commitment of $20 million from Washington-based World Bank’s investment firm International Finance Corporation (IFC).
In August 2019, IFC proposed infusing $25 million in the second fund of healthcare-focussed private equity firm Quadria Capital. It also backed a debut venture capital fund for A91 Partners, an investment firm, by putting in $25 million as LP.
Mumbai-based early stage investor Kae Capital is also said to be in talks to raise its third venture capital fund of up to $60 million, as per media reports.
(Edited by Suman Singh)