DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Lightbox Management Limited
Lightbox Management Limited
Lightbox is a Mumbai based venture capital firm that invests in early-stage technology-led consumer businesses that are shaping the future of consumption in India.
venture manager, reported GAV $490M across 4 vehicles
Importance
40
elevated
Active deployment
30
moderate
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
15
moderate
Identity and regulatory footprint
- Headquarters
- Ebene, Mauritiusadviserinfo.sec.gov
- Office address
- 4TH FLOOR, EBENE HEIGHTS, EBENE 72201, MAURITIUS, Ebene, 72201adviserinfo.sec.gov
- Business phone
- (230) 5944 3589adviserinfo.sec.gov
- Website
- HTTP://WWW.LIGHTBOX.VC/
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- private fund adviseradviserinfo.sec.gov
- Latest Form ADV
- Jun 20, 2024
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $490Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Castleland Capital Inc (Shareholder), E
- business email
- deals@lightbox.vclightbox.vcpublished by the subject
- business email
- hello@lightbox.vclightbox.vcpublished by the subject
- business email
- talent@lightbox.vclightbox.vcpublished by the subject
- business email
- yash@lightbox.vclightbox.vcpublished by the subject
- business phone
- (230) 5944 3589adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
20 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- india
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 100%
lead rate n/afollow-on rate n/anew logos, 12 months 20
Funds and vehicles
4 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Lightbox Ventures III | Fund | 2018 form d first sale | Harvest | $191M Jun 20, 2024 | 28 | $209M of $209M | Sep 16, 2019 |
| Lightbox Expansion Fund | Fund | 2016 form d first sale | Harvest | $34.7M Jun 20, 2024 | 16 | $54.0M of $54.0M | Nov 17, 2016 |
| Lightbox Ventures II | Fund | 2014 form d first sale | Harvest | $149M Jun 20, 2024 | 23 | $100M of $100M | Feb 24, 2015 |
| Lightbox Ventures I | Fund | 2014 form d first sale | Harvest | $116M Jun 20, 2024 | 12 | $38.2M of $38.2M | Mar 19, 2015 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
19 current, 5 departed
Aaryaman Singhee
AnalystInvestment intern from June to August 2025. Graduated from the University of Pennsylvania and headed for Masters at LSE.
Anshh Malhotra
AnalystBusiness Analyst
Chirag Goradia
AnalystAnalyst, Investments
Pranjal Khandelwal
AnalystAnalyst, Investments
Sejal Sherkar
AnalystAnalyst
Tanay Waigankar
AssociateMay to August 2025. Worked closely with the investment team. He is currently pursuing his CA Intermediate.
Joshua Gupta
OtherJune to July 2026. Worked on healthtech market research. Physics & Economics Student at Harvard University.
Sandeep Murthy
PartnerPartner and Managing Director
Sandeep Murthy
PartnerShareholder *** · since Oct 1, 2010
Platform and operations
Himanshi Tailor
Platform and operationsAssociate, Legal
Neha Rane
Platform and operationsOffice Manager
Rashmi Guptey
Platform and operationsCFO and General Counsel
Vijaya Rane
Platform and operationsOffice Manager
Yash Dhotre
Platform and operationsMarketing & Communications Strategist
Akshay Bhoodhun
PrincipalDirector · since Nov 1, 2023
Sateeta Jeewoolall
PrincipalDirector · since Dec 1, 2013
Siddharth Dhankhar
PrincipalPrincipal
Stuart Richard Nairn Crighton
PrincipalDirector · since Apr 1, 2018
5 departed (kept with end dates)
- Arunagirinatha Runghien · Director · Dec 1, 2013 to Jun 20, 2024 Inference
- Gopall Tooram · Director · Sep 1, 2022 to Jun 20, 2024 Inference
- Indranathsingh Seewooruttun · Director · Mar 1, 2020 to May 29, 2023 Inference
- Sunny Rao · Director · Dec 1, 2013 to Jun 11, 2018 Inference
- Thirumagen Vaitilingon · Director · Feb 1, 2018 to Jun 18, 2020 Inference
Investments on record
20 edges, 20 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
5 relationships from shared deals, counted for the whole firm
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
15 dated events
- Jun 20, 2024Arunagirinatha Runghien (Director) no longer on Schedule A of Lightbox Management Limited
- Jun 20, 2024Gopall Tooram (Director) no longer on Schedule A of Lightbox Management Limited
- Nov 1, 2023Akshay Bhoodhun joined Schedule A of Lightbox Management Limited as Director
- May 29, 2023Indranathsingh Seewooruttun (Director) no longer on Schedule A of Lightbox Management Limited
- Sep 1, 2022Gopall Tooram joined Schedule A of Lightbox Management Limited as Director
- Jun 18, 2020Thirumagen Vaitilingon (Director) no longer on Schedule A of Lightbox Management Limited
- Mar 1, 2020Indranathsingh Seewooruttun joined Schedule A of Lightbox Management Limited as Director
- Jun 27, 2019Lightbox Ventures III first reported on Form ADV by Lightbox Management Limited (Venture Capital Fund), GAV $5,183,882Fund first reported on Form ADVFundsFactLightbox Ventures IIISEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jun 11, 2018Sunny Rao (Director) no longer on Schedule A of Lightbox Management Limited
- Apr 1, 2018Stuart Richard Nairn Crighton joined Schedule A of Lightbox Management Limited as Director
- Feb 1, 2018Thirumagen Vaitilingon joined Schedule A of Lightbox Management Limited as Director
- Nov 7, 2016Lightbox Management Limited first filed Form ADV (ERA)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 7, 2016Lightbox Ventures II first reported on Form ADV by Lightbox Management Limited (Venture Capital Fund), GAV $100,000,000Fund first reported on Form ADVFundsFactLightbox Ventures IISEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 7, 2016Lightbox Ventures I first reported on Form ADV by Lightbox Management Limited (Venture Capital Fund), GAV $38,200,000Fund first reported on Form ADVFundsFactLightbox Ventures ISEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 7, 2016Lightbox Expansion Fund first reported on Form ADV by Lightbox Management Limited (Venture Capital Fund), GAV $54,000,000Fund first reported on Form ADVFundsFactLightbox Expansion FundSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $490M across 4 vehicles
Evidence
37 observations from 2 sources