Lightbox is a venture capital fund that takes a private-equity-style approach to investing in a small number of handpicked, early-growth consumer brands in India, focusing on businesses where the product itself—not just the technology behind it—drives success, and where advantages come from real-world operations like financing, logistics, and store execution rather than software alone. It also stands out for requiring ESG diligence across its entire portfolio and for being unusually open about fund performance, having already returned about 30% of its second fund to investors.