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Sherpalo & KPCB holds on to InMobi and passes other Indian investments to Lightbox

Lightbox Ventures the newly created VC firm will absorb six companies Sherpalo and Kleiner Perkins Caufield & Byers (KPCB) had invested in India, reports The Economic Times. On its website the Lightbox, comprising former members of Sherpalo, lists companies such as MapMyIndia, Greendust, Zoomin, PayMate, FutureBazaar and Kotak Urja in its portfolio.

The new firm was created after Sherpalo and KPCB decided to shift focus back to western markets.These companies however, are holding on to their investment in ad network InMobi according to the report, possibly due to its relevance internationally. That said, InMobi is also listed as a portfolio company on Lightbox’s website. These firms had also sold their stake in travel service Cleartrip to existing investor Concur yesterday.

Sherpalo and KPCB also had significant investments in InfoEdge, but sold 3.59% of Info Edge’s total equity for Rs 85.9 crore for 2010. Sandeep Murthy, who represented both KPCB and Sherpalo in India and is now heading Lightbox, was a nominee director on the Info Edge board. He had also sold shares in his personal capacity, in June (twice), August and September 2009.

Dual fund strategy: According to the report, the two firms had invested $40 million in the companies that will now be handled by Lightbox. According to Techcrunch, the company has created two funds: Lightbox Ventures I that has already acquired stakes in 6 startups, and Lightbox Ventures II, a $90 million fund, that will focus on early stage investments. ET meanwhile reports that Lightbox is in the process of raising Rs 540 crore for these funds. Lightbox Ventures II will have a portfolio of eight companies, in which it will invest $3-5 million.

On the Lightbox website it says that the company is an operating venture that will not be money managers, passive capital or mentors. The members of the company will take up various positions in the company and report to the CEO and help build the company.

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