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Lightbox

Mumbai, India · Invests in Asia · Website

Series ASeries BConsumer Apps & SocialE-commerce & MarketplacesFood & BeverageGamingFintechHealthcare & BiotechHealthcare & Digital HealthFintech & PaymentsLogistics & Supply ChainEdTech

Thesis

Early-growth brands that India will obsess over tomorrow — technology-led consumer businesses where product is the champion and tech a catalyst. Lightbox takes concentrated bets in select entrepreneurs and partners beyond capital through deep operational involvement.

Likely not a fit for

No deep tech, hardware, or pure enterprise B2B. No non-India investments. Avoids narrative-driven ventures without clear unit economics and real businesses.

How they invest

Lead or follow
Usually leads
Typical decision
~2 months
Warm intro
Not required
Involvement
Takes a board seat
Fund status
Slowing Down
Assets under mgmt
$400M
Decision process
Partnership vote

Partners & team

6 contacts on file

SM

Sandeep Murthy

General PartnerManaging Partner · Primary contact

+ Pitch
RG

Rashmi Guptey

CFO and General Counsel

+ Pitch
BW

Bhavana Waigankar

COO

+ Pitch
SD

Siddharth Dhankhar

PrincipalPrincipal

+ Pitch
PK

Pranjal Khandelwal

AssociateAnalyst, Investments

+ Pitch
CG

Chirag Goradia

AssociateAnalyst, Investments

+ Pitch

Portfolio

Rebel FoodsFood Beverage

The world's largest chain of internet restaurants powered by an operating system for building and scaling brands globally. Rebel Foods combines culinary craftsmanship with technological infrastructure to create a diverse range of food brands that cater to various consumer food missions.

FurlencoEcommerce Marketplaces

Furlenco is a furniture rental and sales platform that offers a wide range of furniture and appliances for rent or purchase, catering to urban customers who prefer flexibility and convenience in furnishing their homes.

NuaEcommerce Marketplaces

Nua is a shopping mall creation solution provider.

Zeno Health
CityfloLogistics Supply Chain

Cityflo provides app-based AC bus services for office commutes, offering comfortable and efficient transportation solutions in major Indian cities.

Bombay Shirt Company
RooterGaming

Rooter is India's largest game streaming and commerce platform, catering to a mobile gaming audience with live streaming, videos, and a marketplace for in-game currencies and gift cards.

RupeekFintech Payments

Rupeek is India’s leading asset-backed, digital lending fintech platform that provides low interest online gold loans at the convenience of the customer's home. The company aims to create equal access to credit for every Indian.

DroomEcommerce Marketplaces

Droom is an automotive e-commerce platform that facilitates the buying and selling of new and used vehicles, including cars, bikes, scooters, and more. It offers a range of services including vehicle history reports, inspection reports, and financing options.

WayCool
PayMateFintech Payments

PayMate is a leading provider in B2B payments for Enterprise and SME across supply chains, offering a comprehensive digital workflow tied to payments which enable greater control and transparency along with better cash flows and end-to-end reconciliation.

MelorraEcommerce Marketplaces

Melorra designs jewellery for the Western wardrobe, focusing on light, contemporary pieces that can be worn for various occasions. They create fashion-inspired designs based on global trends and utilize advanced manufacturing techniques like 3D printing.

Recent activity

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Research briefRead more
Lightbox Research Investment Thesis Lightbox is a Mumbai-based venture capital firm with 20+ years of experience investing in early-growth, technology-led consumer businesses across India. Founded in 2005 and formalized as Lightbox in 2014, the firm is led by Managing Partner Sandeep Murthy. Their core thesis is backing "early-growth brands that India will obsess over tomorrow" — consumer business

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