💡 Inside Lightbox’s investment blueprints

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15 May 2025 View in Browser

Hello,   Healthcare in India needs healing, believes Yashish Dahiya, Co-founder of PolicyBazaar and Group CEO of PB Fintech.   He has just raised $218 million in seed funding for the newly minted PB Healthcare Services to build what he believes will help build trust in India’s healthcare sector. In an interview with YourStory's Shradha Sharma, Dahiya outlines his plans.   Meanwhile, WhiteHat Jr co-founder Karan Bajaj-owned healthtech startup Complement 1 is out of stealth mode. Focused on cancer care through personalised lifestyle medicine, the startup has raised $16 million in a seed funding round led by Owl Ventures and Blume Ventures.    Complement 1 has launched what it describes as the first tech-enabled, clinically validated lifestyle modification platform tailored for cancer patients and high-risk individuals.    Speaking of changing times in the healthcare industry, AI has been considered a death knell for radiologists. However, the technology has only made them more efficient, and is unlikely to replace human specialists any time soon, The New York Times reports.    In other news, strong domestic and international travel is boosting revenue for online platforms MakeMyTrip and ixigo.   ICYMI: An ode to cricketing legend Virat Kohli.   In today’s newsletter, we will talk about  Lightbox’s focus on unique startup bets Real-time insights for road repairs How TAP is closing the learning gap   Here’s your trivia for today: In which country was a method for making rust-resistant iron discovered in the fifth century BC?

Interview Lightbox’s focus on unique startup betsAmid a rising demand for capital, new and old venture capital firms are deploying India-focused funds to feed the new-age companies that are coming up today.  However, VC firms are increasingly focusing on one aspect while looking for their next big bet—product differentiation.    According to Lightbox’s Managing Director and Partner, Sandeep Murthy, this is the company’s core focus while looking to write cheques. In an interview with YourStory, Murthy talks about how the firm is looking at the funding landscape, the need for core differentiation amongst startups, and its investment playbook as it prepares to launch its new fund.    Need for differentiation: According to Murthy, retail businesses need sharp, micro-market execution—winning locally over scaling fast everywhere. Moreover, product businesses need real operational moats, which help act as differentiators against similar or bigger competitors in the market.  Lightbox’s next fund won't be about providing liquidity to its limited partners, according to Murthy. Rather, the firm has already sold part of its Rebel Foods position when Temasek and KKR invested, and is in talks with other secondary funds about providing liquidity.  Within the firm’s portfolio, Rebel Foods, Droom, and Furlenco are all trending in the right direction, Murthy adds. While Rebel Foods’ IPO timeline is uncertain, Droom is already looking at a potential September IPO. Furlenco could also look towards a market debut, owing to its profitable rental model. Know More

Funding Alert VFlowTech: $20.5M | Undisclosed ContraVault AI: $5.1 Cr | Seed Third Bracket: Rs 5 Cr | Seed

Startup Real-time insights for road repairs Traditional road inspection methods rely on manual, on-ground assessments wherein inspectors walk or drive slowly over the roads to identify issues such as cracks, potholes, and fading markings. They use basic tools such as measuring tapes, straightedges, and GPS devices, recording data in notebooks or simple digital forms that are later transcribed.   RoadVision AI hopes to transform the above scenario with a data-driven solution that automates road asset management and safety audits.   Automated surveys: RoadVision AI uses computer vision, generative AI, digital twins, GIS technology and foundational AI models to automate road asset management. The platform’s workflow consists of three processes: data collection through satellite imagery and footage, processing, and visualisation on a smart map interface. RoadVision AI operates on a B2B and B2G SaaS model and offers subscription-based access to its platform. It charges about Rs 1,000 per kilometre for data processing. The subscription offers features such as road condition maps, safety audit visuals, and predictive maintenance planning. Currently, RoadVision AI operates in India, Saudi Arabia, Australia, and the UK. In India, the startup has completed pilot projects in Jaipur, Raipur, and Gandhinagar. It is currently working with five state governments and several civic bodies including in Raipur and Jalandhar. Know More

Social Impact How TAP is closing the learning gap TAP 2.0, a bold education reimagining by The Apprentice Project, started with a few classrooms in Pune and a vision to equip students from low-income communities with 21st-century skills.   With TAP Buddy—an AI-powered chatbot that could run on WhatsApp, the team has helped equip children in remote towns and underserved communities with skills in STEM, visual and performing arts, financial literacy, and coding through YouTube videos, gamified quizzes, and creative challenges.    Fostering potential: Founded in 2016 by Anand Gopakumar and Prashant Kumar—alumni of Teach For India, with Monica Pesswani also bringing experience from Harvard University—TAP began by embedding itself in public schools in Pune and Mumbai. Their in-school model focused on electives like STEM, performing arts, and life skills. Through TAP Buddy, children can choose one elective and progress through lessons that adapt to their pace. They submit voice notes, photos, and videos as evidence of learning, which are then assessed using structured rubrics based on the UNICEF Life Skills Framework and the UK’s Skills Builder Framework. From 800 students in five Pune schools in 2016, TAP has reached over 72,000 students in 462 schools across Maharashtra, Uttar Pradesh, Punjab, and Delhi. With state partnerships active in four states, and a target of 250,000 students by 2026, TAP aims to embed its models directly into public education systems. Know More

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From the CapTable Did BluSmart and Gensol’s downfall begin in the boardroom? Last week, the Ministry of Corporate Affairs announced that it would widen its probe to cover not just Gensol Engineering but all associated companies, including BluSmart. Although BluSmart is not a publicly traded company and therefore escaped SEBI’s direct scrutiny, several disgruntled investors and stakeholders have emerged after the company crumbled within weeks of Gensol Engineering’s loan defaults coming to light in February.   Now, after multiple failed attempts to sell BluSmart, investors are reportedly trying to revive the company by infusing fresh capital on the condition that co-founder Anmol Jaggi steps aside. While removing Jaggi might help improve the company’s optics and create distance from the taint of Gensol Engineering, BluSmart’s predicament appears rooted in far deeper structural issues.   A closer inspection of BluSmart’s board of directors suggests deficiencies in the appointment of independent board members, possible leading to lax oversight at the company. These boardroom failures may have enabled the chain of events that left investors baffled, thousands of drivers suddenly unemployed, and countless customers with money trapped in BluSmart’s now-defunct digital wallet.   Key Takeaways: BluSmart’s board included an independent director with potential conflicts of interest, raising questions over the integrity of its governance structures. Independent director Inderpreet Wadhwa had commercial interests through Clime Finance, which leased EVs to BluSmart’s sister concern Gensol Engineering, which in turn leased them to BluSmart. The board also failed to flag BluSmart’s worsening financial condition, including unpaid taxes and cash flow issues. Wadhwa allegedly headed the company’s audit committee. BluSmart’s downfall spotlights the urgent need for robust governance norms—even in private startups—to prevent such issues. Continue Reading

News & Updates

Cloudy outlook: Taiwan’s Foxconn, the world's largest contract electronics maker, downgraded its full-year outlook on Wednesday citing recent appreciation of the Taiwan dollar, even as it struck an upbeat note about booming demand for AI servers. Blockbuster listing: Contemporary Amperex Technology is set to raise at least $4 billion in its Hong Kong share listing by pricing it at the top end of what it indicated, Bloomberg reported, thanks to strong demand for the stock. Cautiously optimistic: The Organization of the Petroleum Exporting Countries trimmed its economic growth outlook but struck a cautiously optimistic tone on trade developments, keeping its oil demand forecast steady as it prepares to accelerate production.

Here's what else we have for you

How to Survive and Thrive in a Volatile Market? The Mass Effect: Episode 3   You are in the markets to make money. That’s a fact!   But there is so much at play.   From Trump tariffs and India-Pakistan tensions to looming fears of a US recession—global uncertainty is hitting Indian stock markets hard in 2025.   Markets have swung wildly this year, leaving investors—especially first-time retail participants and the post-COVID-19 investing generation—grappling with volatility like never before.   While a slew of wealth-tech and invest-tech apps have thrown access to markets wide open and eased investing for retail investors, this year’s massive market swings leave them with a sink-or-swim scenario.   What does this mean for your money, your investments, and the future of wealth-building in India?   In Episode 3 of YourStory’s video podcast, #The Mass Effect, Deepak Shenoy, Founder & CEO, Capitalmind; Tejas Khoday, Co-Founder & CEO, Fyers; and Saurabh Jain, Co-founder & CEO, Stable Money, in conversation with Shivani Muthanna, give insights on how your money can survive and thrive in a volatile market.   💡 What you can take away: How to rebalance your portfolio in volatile times How your SIP could be saving the markets Are fixed-income assets and deposits making a comeback? Mistakes to avoid in equity investing Is trading meant for everyone? Will derivatives make you quick profits? Robot advisories: To what extent do they really help? Should you chase IPOs? Does it make sense to achieve F.I.R.E? Watch Now

Did you know?

In which country was a method for making rust-resistant iron discovered in the fifth century BC? Answer: India.

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