Each entry sets out the situation, what I actually did, and what I concluded.
Where the underlying document is mine to share, it's linked.
SECTOR RESEARCH
Floating solar PV in India — sector thesis & Quant Solar
SITUATIONQuant Solar, an IIT-Guwahati-incubated floating solar platform and turnkey EPC player, raised at roughly 2.6× revenue on ₹62.5 Cr FY25 topline. The question was whether to underwrite the company or the sector first. Built entirely on public sources.
WHAT I DIDSized the technical potential against the 708 MW actually installed, mapped the per-MW cost stack (modules ~52–55%, floats and anchoring ~23–24%, electrical BoS ~15–18%), and segmented the value chain by gross margin and pricing power. Tested the moat claims against the failure record — Omkareshwar, Nangal, Yamakura, Banja — where nearly every incident traced to anchoring and mooring design rather than the panels.
WHAT I CONCLUDEDProceed, but sector-first rather than company-first. The durable moat is not float manufacturing, which is blow-moulded and commoditises once a design is proven; it is the engineering-to-execution feedback loop in anchoring and mooring, which takes two or three completed projects to validate and cannot be bought. One flag worth chasing: Quant Solar reports ~50% gross margin against an 8–12% band for floating-solar EPC integrators — either the revenue mix is far more platform than EPC, or the comparison is not like-for-like. Policy support is real, with a ₹5,500 Cr VGF scheme cleared by the EFC in May 2026, but the sector stays execution-heavy and standards are still forming.
DEALS & DILIGENCE
Indicold — cold storage warehousing
SITUATIONFundalogical's first institutional cheque, at pre-Series A, into a cold chain warehousing operator.
WHAT I DIDLed financial, unit-economics and promoter diligence. Ran customer and competitor calls to test the value proposition and whether the moat was real. Co-authored the investment memo, built the model that took it to IC, and project-managed FDD to close on schedule. Post-investment: quarterly board meetings, monthly MIS, ~₹21L in AWS credits, an ESG metrics roadmap, five client and three warehouse-location introductions, and an MIS rebuild that cut annual audit time by an estimated 30%.
WHAT I CONCLUDEDCrafted the fundraising deck behind a ₹5 Cr round led by Nikhil Vora at Sixth Sense Ventures.
DEALS & DILIGENCE
The sourcing funnel — 500 in, 10 to committee
SITUATIONA small fund with no brand recognition still has to see every deal worth seeing. Sourcing was the constraint, not capital.
WHAT I DIDBuilt the funnel from scratch: 500+ deals sourced through cold outreach, IB relationships and a peer network assembled across 100+ events. Diligenced 700+ in total. Built trading comps and listed-company benchmarks to pressure-test entry valuations, and wrote theses across warehousing, supply chain, EV, IoT, robotics and waste-to-value to set sourcing priorities.
WHAT I CONCLUDEDTen reached the investment committee — a ~1.4% conversion rate. The discipline is in the 99% you decline quickly and the reasons you can give for each.
OPERATING
Kodo — pricing, reconciliation, NBFC acquisition
SITUATIONA YC-backed B2B fintech with a high-burn product, manual fund routing, and an NBFC acquisition in motion.
WHAT I DIDRebuilt pricing on the loss-making product and renegotiated structures upstream. Designed reconciliation procedures that eliminated fund-routing errors. Built the founder metrics dashboard and incentive dashboards for sales, automated daily NPA reporting on Metabase, and prepared the RBI filings for the acquisition of 8 Finance.
WHAT I CONCLUDED~20% revenue lift year on year, ~₹8L saved with ~7% added to take rate in perpetuity, ~₹56L of leakage closed, and a 75% target achievement rate across sales and account management.
SECTOR RESEARCH
A second thesis, in a different sector
SITUATIONWarehousing, EV, robotics or waste-to-value — you have raw material in all four from the sourcing work.
WHAT I DIDMethod and sources.
WHAT I CONCLUDEDOne unhedged view. Two theses in two sectors shows range; one reads as a hobby.
Brewing
PUBLIC MARKETS
A special situation, underwritten
SITUATIONThe structure, the spread, and why it existed.
WHAT I DIDHow you sized it, what you tested, where the risk actually sat.
WHAT I CONCLUDEDKeep this at the level of analysis, not a recommendation — and clear anything touching personal positions against FV's trading policy first.
Brewing
Everything here is written in a personal capacity on publicly available
information. Confidential deal material is not published.
