The venture debt fund of Singapore-based investment company Lighthouse Canton reached its first close at 155.4 crore rupees ($19.1 million), with family offices and onshore and offshore institutions contributing money.
According to a statement from the company, the venture debt fund will concentrate on tech-enabled businesses that are a part of the Indian startup ecosystem.
The fund is a component of Lighthouse Canton’s regional venture debt strategy. It will have a $67.5 million US capacity and a $67.5 million US greenshoe option.
“Given the growth of the venture ecosystem in India, we see a tremendous opportunity for venture debt, and we expect the size of this market to grow 3x to 4x in the next five years,” said Sanket Sinha, global head of asset management at Lighthouse Canton.
As of September 30, 2022, the investment company was in charge of assets valued at about US $3 billion. Hedge funds, private equity, direct lending, and global macros are among the industries served by its service.
Lighthouse Canton joined together with Nueva Capital in April 2022 to introduce LC Nueva, its first venture capital fund, which was targeted at pre-series A and series A businesses in India.