Talwar had led investments in startups like quick commerce firm Dunzo as well as online jewellery platform Melorra. The three outgoing partners are likely to set up a new fund, the sources said.
Sandeep Murthy remains the only partner in the Mumbai-based firm, which has 25 portfolio firms. Portfolio firms backed by the departing executives are likely to stay within Lightbox, the sources added.
The development was first reported by The Arc on Tuesday evening.
“There have been discussions for over a year now on this issue and the overall strategy at the fund. The decision to part ways was recently told to the broader group of executives at the fund,” industry sources said.
When contacted, Murthy did not immediately comment on the matter while an email sent to the fund’s spokesperson did not elicit any response.
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The venture firm has invested in the likes of cloud kitchen operator Rebel Foods, travel firm Cleartrip, furniture rental platform Furlenco, and apparel maker Bombay Shirt Company. Cleartrip was acquired by ecommerce major Flipkart in 2021, while mattress maker Sleepwell’s parent firm bought a 35% stake in Furlenco for Rs 300 crore in July this year.The fund was started in 2014 and had bought out the India portfolio of US-based firms Kleiner Perkins and Sherpalo Ventures. It had last raised a $200 million round as part of its third fund in 2018. Last year, Murthy had hinted at a fourth fund, saying that the fund size would be larger than the last one, without giving further specifics.
Earlier this year, marquee Silicon Valley investor Sequoia Capital broke away from its India, Southeast Asia, and China partnerships. Sequoia India & Southeast Asia was rebranded as Peak XV Partners, while the Chinese unit was renamed HongShan.
