Lightbox Bets on Everyday India, Not Trends Lightbox typically invests at the Series A stage, when a company is still shaping its identity.
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At Lightbox, investment is not driven by trends but by purpose. For Managing Director Sandeep Murthy, the mission is clear: support startups that are solving foundational problems in everyday Indian life.
"Our core thesis has always been rooted in the realities of Indian consumption," said Murthy. "We're focused on building enduring businesses that solve real problems for real people."
India's economy, with its informal structure and fragmented systems, offers what Murthy sees as a tremendous opportunity. Startups that use technology to bring order, trust, and efficiency, without chasing disruption for its own sake, are the ones that draw Lightbox's attention.
Sector boundaries do not matter as much as substance. "We're sector agnostic but thesis driven," Murthy explained. "What matters to us is product differentiation and operational defensibility." That philosophy has led to a diverse portfolio spanning apparel, food delivery, logistics, and gaming, all industries that touch daily lives.
Lightbox typically invests at the Series A stage, when a company is still shaping its identity. "It's where you can shape culture, product, and business model in a meaningful way," he added.
While many investors are drawn to the excitement around AI or quick commerce, Murthy remains grounded. "Preventive healthcare, apparel, and regional logistics are deeply underhyped," he highlighted. "They're not flashy, but they're essential."
For founders, he looks for three traits: clarity, resilience, and humility with conviction. "The founders who keep showing up, who can handle rejection, setbacks, pivots, they're the ones who make it," he noted.
One standout story for Lightbox is the Bombay Shirt Company. "It's a build right story," stated Murthy. "What makes us proud is how they've scaled thoughtfully, with quality intact."
Support from Lightbox goes far beyond capital. "We embed ourselves," said Murthy. Whether it's building teams, refining operations, or troubleshooting, Lightbox stays hands on.
Looking ahead, Murthy predicts a shift toward fundamentals. "Real businesses, real customers, real cash flows," he said. "Operators backing operators, that is the next wave of Indian venture."
Facts:
- Total Funds Managed: USD 400 Mn
- Current Portfolio: 12
- Exits: 4
