Lightbox closes its second fund at $100 million1 min read . Updated: 14 Oct 2014, 04:40 PM IST
The fund is looking to make seven-eight investments in mobile, healthcare and e-commerce companies over 10 years
Mumbai: Lightbox Ventures Management Ltd has closed its second fund at $100 million, Prashanth Mehta, partner with the fund, said over the phone.
The firm was looking to raise $90 million in its second fund by the year-end. “There was a lot of demand. Hence, we raised the value and closed the fund at $100 million," said Mehta. The fund had closed the first tranche of $25 million in April.
Lightbox has raised funds from overseas institutional investors. The fund is looking to make seven-eight investments in mobile, healthcare and e-commerce companies over 10 years.
Founded last year, Lightbox Ventures has launched two funds. The first is Lightbox Ventures I, and the second, Lightbox Ventures II—the $100 million fund.
Lightbox Ventures I bought stakes in six companies for sums it did not disclose, Mint reported on 29 July. This move provided an exit to Sherpalo Ventures backed by Ram Shriram, a board member and one of the first investors in Google Inc., and Kleiner Perkins Caufield and Byers, who were investors in the six companies.
Sandeep Murthy, partner with the fund, had said then that technology in India is seeing a boom period and mobile as a sector is particularly seeing a lot of growth. Growth in per capita income, urbanization, organization of retail and technology penetration are factors that are allowing this change to happen.
In May, Lightbox Ventures II made its first investment of $2 million in Embibe.com, a Mumbai-based online test preparation portal specializing in engineering entrance exams. The fund’s portfolio includes companies like Cleartrip Pvt. Ltd, PayMate India Pvt. Ltd, GreenDust Pvt. Ltd and a few others.