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.
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)