Venture Capital firm Lightbox, in a bid to double its portfolio size, has recently closed a new $54 million (Rs. 360 crores) expansion fund. This capital infusion catapults the amount held by the firm to over $100 milion. The announcement of new fund comes about two years post the raising of its Rs. 600 crores Lightbox fund II. Akin to the latter, this fund is supported by new and existing investors including endowments, pension funds, fund of funds and family offices.
According to a report by ET, the majority of the fund is speculated to be utilized in growth funding rounds of possibly their existing investments — Faasos, Furlenco, Droom, Melorra, and Embibed. It also says the raising process took about four months. The firm takes about six months to finalize an investment.
Confirming the closing of this new investment vehicle, Sandeep Murthy, partner at Lightbox explained they are launching this fund to support the existing companies. He adds,
Our companies are doing well, and as we have gone out and talked about that. We really felt that if we can carry these businesses further, build them bigger, and if we can participate further, in their upside and growth, it will be useful.
Faasos, Droom, and Furlenco had closed equity financing rounds in the past 12 months, with each receiving about Rs. 200 crores.
Lightbox has been very particular with investments in the country. Earlier, it had also closed another undisclosed capital pool, named Lightbox Venture I. It was deployed to buy a portfolio of six investments made by venture firms Kleiner Perkins Caulfield & Byers (KPCB) and Ram Shriram-led Sherpalo Ventures. These comprise refurbished goods etailer GreenDust and online photo printing service provider ZoomIn.
Another VC firm Accel Partners had closed its fifth and possibly the largest fund in the country at about $450 million earlier this year.
