New Delhi, Jan. 28 -- Lightbox has returned about a third of its $100 million second fund to investors following a partial exit from cloud kitchen startup Rebel Foods and its exit from Embibe, an AI-edtech company, the founder of the venture capital firm said.

Rebel Foods, which operates Faasos, Oven Story and Behrouz Biryani, raised $210 million last December through the sale of secondary shares and primary capital to investors led by Temasek Holdings, Singapore's state investment company. Lightbox has invested over $26 million in Rebel Foods over multiple rounds.

"We've returned 30% of the capital so far and it'll likely take another three to four years to realise the balanced returns we aim for," Sandeep Murthy, founder and managing ...