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India's Lightbox reaches $100m close on Fund II

  • Andrew Woodman
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Indian venture capital firm Lightbox Management has reached a INR6.1 billion ($100 million) close on its second fund.

According to The Economic Times, the fund - which was raised entirely from overseas investors - was initially looking to raise $90 million but increased its target in response to unexpectedly strong demand. The vehicle reached a first close of $25 million in April.

LPs include endowments, funds-of-funds and family offices. The fund is looking to back early-stage start-ups with a focus on consumer technology.

"A lot of the conversations that we started prior to the elections picked up steam and a lot more investors are coming to India," said Lightbox co-founder and partner Sandeep Murthy. "The idea of supporting the portfolio companies with global team, which has operating experience, resonated with investors."

Lightbox made its first investment earlier this year, committing INR120 million to Embibe.com, an online test preparation portal specializing in engineering entrance examinations.

The VC's first fund - Lightbox Venture I - was used to buy a portfolio of six investments made by venture firms Kleiner Perkins Caufield & Byers (KPCB) and Ram Shriramled's Sherpalo Ventures, where Murthy was previously a general partner. These include refurbished goods e-tailer GreenDust and online photo printing service provider ZoomIn.

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