Lightbox Ventures is set to raise a $200 million fourth fund, aiming to enhance operational expertise and improve corporate governance within its portfolio. Managing director Sandeep Murthy highlights a strategic pivot towards sectors like retail, healthcare, and financial services, focusing on early-stage consumer businesses. The firm’s previous funds have performed well, with notable returns from companies like Rebel Foods and Embibe. As several portfolio companies become profitable, strong investor interest is anticipated for upcoming fundraising efforts. Lightbox plans to maintain its investment size between $5-8 million, with potential increases for later-stage opportunities. Public listings are also under consideration for some companies.