VC firm Lightbox shifts focus to later-stage investments in consumer cos.

Mumbai-based early-stage-focused venture capital firm Lightbox is targeting later-stage investments in consumer companies that demonstrate significant revenue scale. This move aims to minimise the reliance on aggressive follow-on funding and establish a repeatable path to profitability for the firm’s portfolio before it begins raising its fourth fund.Founded in 2014 by Sandeep Murthy and Siddharth Talwar, Lightbox was focused on early-stage companies and has invested about USD 400 million in the consumer sector. By engaging with businesses that have achieved greater revenue scale, the firm intends to reduce dependency on external capital and improve the financial performance of its investments.The firm is managing nine companies: Rebel Foods, Furlenco, Zeno Health, Nua, Cityflo, Bombay Shirt Company, Rupeek, Amaha, and Rooter. Lightbox recently completed its first exit from its third fund via the personal care brand Nua, which generated a 6.7x multiple and a 30% internal rate of return. Four of its portfolio companies are currently profitable, with four more expected to reach that milestone by the end of the year.