Mumbai, Oct. 15 -- Lightbox, the consumer-focused venture capital (VC) firm, plans to shift to later-stage investments in companies with greater revenue scale. The move is meant to cut the need for aggressive follow-on funding and to establish a repeatable route to profitability before it raises its next fund.

The Mumbai-based firm, which has invested about $400 million in consumer businesses, has historically focused on early-stage companies. Moving later in the investment cycle could mean entering companies at higher valuations, but Lightbox expects to reduce the need for aggressive follow-on investments by backing businesses with greater revenue scale and a clearer path to profitability, founder and managing director Sandeep Murthy to...