It has been a rocky year for Lightbox. The Mumbai-based venture capital firm, which has backed the likes of Rebel Foods, Dunzo and Furlenco, has seen the exits of three partners, including a co-founder. In August, Prashant Mehta, Jeremy Wenokur and co-founder Siddharth Talwar called it quits, leaving Sandeep Murthy—also a co-founder—as the sole partner of the $400 million fund. 

At the heart of these top-level departures lies the decade-old firm’s long, arduous struggle to raise a new fund. After securing $200 million in 2018, Lightbox planned to launch a fourth fund last year. But things haven’t gone as planned. …