Lighthouse Canton lends US$14.3M to Mumbai's Emerald Leisures in private credit deal
What's the deal? Lighthouse CantonDealroom has a profile for this one. Try Dealroom → has closed a US$14.3M (roughly $11 million) private credit investment in Emerald Leisures, a BSE-listed hospitality company, via its India-based LC Luminere Credit Fund and affiliate entities. The financing is structured as post-IPO debt through secured non-convertible debentures.
What's the endgame? Emerald Leisures owns and operates Club Emerald, a premium multi-sport, hospitality, and recreational destination in Mumbai. It plans to use the long-term capital to accelerate growth while preserving its strategic direction.
How it's structured: The facility is built around the company's operating cashflows and backed by a security package spanning hard-asset collateral, escrowed cashflows, promoter support, and identified liquidity events.
"The structured credit solution has provided us with the flexibility to accelerate our growth while preserving our long-term strategic vision," said Jaydeep Vinod Mehta, group chairman of Techno Group, Emerald's parent company.
Why now? Lighthouse Canton, which oversees more than $6 billion in assets, is leaning into mid-market lending. It sees "a significant opportunity in private credit for mid-market companies, particularly in deals in the US$13.6M-US$67.9M range," said Pranob Gupta, managing director and business head for India Alternatives.
The LC Luminere Credit Fund is a SEBI-registered Category II Alternative Investment Fund. Lighthouse Canton's private credit platform draws on a network of over 500 issuer relationships and more than 1,000 promoter families.
The signal: Private credit is filling financing gaps for established Indian businesses that fall between bank lending and equity. This deal shows how alternative funds are structuring bespoke, asset-backed facilities to capture mid-market demand across sectors.
Read more: IndianWeb2
Image credit: Richard Dorrell
