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Venture

Indian VC Firm Lightbox Ventures Targets $200M For Third Fund, According To Filings

(also known simply as Lightbox) is in the midst of raising a new fund.

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On Monday morning, the Mumbai-based venture capital firm filed with the SEC revealing that it’s almost done raising capital for “Lightbox Ventures III.” The filings indicate that Lightbox has raised roughly $178 million out of a targeted $200 million for its third flagship venture fund. So far, nineteen limited partners have invested in the fund, which officially began accepting investment on September 3.

At $200 million, it would be the largest such venture fund raised by Lightbox to date. If successfully closed, Fund III would bring Lightbox’s total funds raised to approximately $392.2 million to date.1

Here’s the rundown of its prior fundraising activities:

  • Lightbox’s first fund was $38.2 million, according to . A of Lightbox says its first fund acquired equity stakes in six companies: , , , , , and .
  • Its , launched shortly after raising the first, topped out at $100 million, according to its . Financial advisory , last updated in June 2018, indicate that the gross asset value of Fund II is just under $160 million.
  • Lightbox raised in late 2016.

Lightbox is not the only Indian VC firm to raise fresh capital recently. In late August, Crunchbase News reported that closed $695 million for its sixth India-focused fund. Also in August, announced it raised $300 million for . announced fetched in July. And in May, Crunchbase News broke the story that was in the thick of raising $450 million for its cross-border strategy.

The firm is led by , a former general partner at , who started Lightbox after his old firm shifted its investment focus to the United States. , , , and Sunny Rao joined the firm as its original partners. Rao left the partnership in 2016, but Murthy and the other three partners remain.

At time of writing, Crunchbase data indicates that Lightbox hasn’t made so far this year. But that may yet change in the remaining months of 2018.

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  1. This does not include any special purpose vehicles, sidecar funds, or other financial instruments that haven’t been publicly disclosed to the media or the U.S. SEC.

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