industries in focus
Fathoming The Most Dynamic Economies of the World
A Private Investment Fund Anchored in Six Transformational Verticals, Deploying Capital at the Intersection of Critical and Emerging Technologies with Sustainable Innovation, to Catalyse Long-term Value Creation across India and Southeast Asia.
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Healthcare & Pharmaceuticals
Purus Research views the healthcare and pharmaceuticals sector in India and Southeast Asia as a structurally high-priority and resilient vertical, offering long-term investment viability underpinned by demographic growth, rising healthcare expenditure, and global competitiveness in life sciences.
India is currently the world’s largest provider of generic medicines and vaccines, supplying over 60% of global demand for certain critical drugs. The country’s pharmaceutical market is projected to grow at a CAGR of 18.2% through FY2027, driven by rising domestic consumption, policy-led demand expansion (Ayushman Bharat), and increased global outsourcing for APIs, biosimilars, and contract manufacturing. With a population exceeding 1.4 billion and a median age of 28.4, India is witnessing heightened demand for affordable, accessible, and quality healthcare solutions across urban and rural markets.
Purus Research is particularly attuned to investing in companies that are driving efficiencies across the healthcare value chain, ranging from diagnostic platforms and API manufacturers to hospital networks, biosimilars, and med-tech innovators. With India contributing over 20% of the global generics supply and emerging as a hub for CRAMS (Contract Research and Manufacturing Services), we see significant headroom for earnings growth and global scale.
Southeast Asia complements this trajectory with rapid growth in healthcare services, diagnostics, and digital health delivery. Regional healthcare markets are forecasted to expand at 7%+ CAGR through FY2029, reflecting both demand-side maturity and policy prioritisation.
Yet, despite these tailwinds, the region continues to face material challenges, low per-capita health expenditure, gaps in rural access, and under-penetration of diagnostics and insurance. These create investable opportunities in affordable innovation, platform healthtech, integrated care models, and precision manufacturing.
Our investment lens integrates both growth and value orientation, identifying companies with long runways for clinical innovation and scalable digital delivery, while also appreciating entrenched formulators, CDMO players, and bulk drug manufacturers trading at attractive valuations. We prioritise robust regulatory compliance, R&D pipelines aligned with chronic disease trends, and strong capital efficiency metrics. In an era where public health resilience and biosecurity are national priorities, we believe healthcare and pharmaceuticals are not just economic growth drivers, but core enablers of India and Southeast Asia’s long-term strategic autonomy.
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Agriculture & Allied Industries
Agriculture remains the economic bedrock and social pillar across India and Southeast Asia, employing a significant proportion of the population but contributing disproportionately low value to GDP. This structural imbalance, where over 65% of India’s workforce and 30% in Southeast Asia depend on agriculture, yet it contributes only 15% and 10% to their respective GDPs, indicates an exigent need for productivity enhancement and value-chain integration.
Despite global disruptions and climate-driven uncertainties, the region retains comparative advantages in arable land, crop diversity, and labor intensity. However, realising the full potential of this sector hinges on embedding innovation across input systems, logistics, and output markets. Moreover, the imperative to mitigate food insecurity while responding to export demand positions agriculture not merely as a livelihood engine but as a strategic driver of regional resilience and global food system stability.
Purus Research deduces investable opportunities across agri-input optimisation, digitised farm management, post-harvest logistics, sustainable protein alternatives, and agri-fintech platforms. Our focus lies in scaling agribusinesses and platforms that leverage data, climate intelligence, and precision technologies to build productivity, sustainability, and smallholder profitability into the agricultural core.
By mobilising catalytic capital into agriculture-linked enterprises, we aim to accelerate the transition from subsistence models to a diversified, technology-enabled agricultural economy, one capable of securing regional food systems while contributing competitively to global value chains.
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Energy Transition & Renewables
Purus Research discerns the energy transition as a macroeconomic lever of resilience and climate alignment across India and Southeast Asia. With global decarbonisation targets accelerating and energy security becoming a strategic cornerstone, the region’s latent renewable potential presents both an industrial inflection point and a generational investment opportunity.
India has already achieved its 2030 target, as stated in the Paris Agreement, of sourcing 40% of installed electric capacity from non-fossil fuels, ahead of schedule, and ranks as the world’s third largest producer of renewable energy. Yet, deployment remains uneven, and the integration of solar, wind, bioenergy, hydro, and green hydrogen into national grids continues to face challenges of storage, intermittency, and transmission infrastructure. These bottlenecks underscore the necessity of strategic capital infusion into platform technologies, value chain integration, and infrastructure grade renewables.
Southeast Asia’s transition is more nascent but equally critical. Renewable energy currently comprises 32% of the region’s electricity mix, yet demand for energy is projected to grow by 44% and emissions by 60% by 2050. The region’s untapped renewable reserves, estimated to exceed current demand by a factor of 40–50x, can only be activated through large-scale investment in clean energy generation, decentralised systems, and climate-aligned regulatory frameworks.
Purus Research channels capital into next-generation energy platforms that bridge technical viability with commercial scale. Our focus includes storage innovation, grid modernisation, clean mobility enablers, and upstream/downstream renewables infrastructure. By financing such systems, we aim to position India and Southeast Asia not merely as passive transition adopters, but as globally significant contributors to sustainable energy leadership.
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Engineering Solutions and Consumer Technology
Purus Research discerns engineering and advanced manufacturing as vital enablers of India and Southeast Asia’s industrial competitiveness and economic resilience. With 25% of India’s total goods exports stemming from engineering products, the sector represents a critical axis for export diversification, productivity enhancement, and value-added employment.
Historically constrained by a leap from agriculture to services, India’s manufacturing sector is now undergoing structural rebalancing. The government’s Production Linked Incentive (PLI) schemes and Make-in-India initiatives are actively restoring momentum, particularly in precision manufacturing, electronics, robotics, and industrial automation. These interventions, coupled with geopolitical realignments under the “China + 1” paradigm, have created a distinct window for engineering-led economic transformation.
Simultaneously, Southeast Asia is intensifying its position as a manufacturing nucleus, with Vietnam, Malaysia, Indonesia, and Thailand offering competitive ecosystems supported by policy reform, export incentives, and skilled labor pools. The Indo-Pacific corridor has thus become a magnet for advanced manufacturing investment and near-shoring strategies.
Purus Research scouts companies that scale engineering capacity through innovation in design, materials science, industrial software, and modular production systems. Our focus includes firms building Industry 4.0 capabilities, from smart manufacturing and additive technologies to supply chain tech, that can redefine the region’s role in global value chains.
By aligning capital with engineering ecosystems poised for operational scale and digital convergence, Purus supports the creation of high-velocity, self-sustaining industrial hubs across Asia.
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Semiconductors and Artificial Intelligence
Semiconductors and Artificial Intelligence form the crucible of future economic acceleration, national security, and technological autonomy. India and Southeast Asia are increasingly central to the global reconfiguration of these sectors, driven by conducive demographics, rising consumption, digital proliferation, and robust policy architecture. Semiconductors in particular are the mainstay of nearly all high-technology applications, from cloud computing and telecommunications to autonomous systems and quantum research. India’s semiconductor market is projected to grow from $3 billion in 2023 to an estimated $109 billion by 2032, underpinned by the ₹76,000 crore Semicon India Programme, which supports fabs, OSATs, and display manufacturing through up to 50% capital subsidies. Concurrently, Southeast Asia’s semiconductor industry is poised to touch $100.9 billion in 2024 and expand at a CAGR of 8.84% to $130.1 billion by 2027, with Malaysia, Vietnam, and Singapore emerging as strategic destinations for integrated circuit design, advanced packaging, and substrate supply chain indigenisation.
Artificial Intelligence, the most consequential general-purpose technology of our era, is expected to contribute over $450 billion to India’s GDP by 2025 and nearly $1 trillion by 2035. With India’s extensive digital ecosystem, AI-readiness frameworks, and a well-trained pool of data scientists and engineers, the country is positioned to lead globally in AI democratisation and deployment. Under the recently approved IndiaAI Mission, a ₹10,372 crore initiative, investments are being channeled into high-performance computing infrastructure, sovereign data sets, multilingual large language models, and compute-intensive AI sandbox environments. In Southeast Asia, GDP growth contributions from AI are expected to surpass 13% by 2030, with Singapore ranked among the world’s top five AI R&D ecosystems. Countries like Malaysia and Indonesia are enacting AI enabling policies for cloud deployment, facial recognition, surveillance, and generative model training through hybrid public–private partnerships.
At the confluence of these core technologies lies the broader digital infrastructure critical to sustaining scale. Cloud computing, data centre construction, and networking architectures are indispensable enablers. India is currently Asia’s fastest-growing data center market, with over 950 MW of installed capacity and another 850 MW under development. Public cloud revenue in India is expected to surpass $13 billion by 2026, growing at over 23% annually. The explosive demand for low-latency, high-throughput compute environments is accelerating capital formation in GPU clusters, AI chips, and edge-cloud integrations. Simultaneously, telecom modernisation, via 5G, Open RAN, and network slicing, is generating a fertile base layer for Industry 4.0 deployments and sovereign AI compute.
Purus Research’s investment thesis acknowledges the deep synergies and cross-dependencies between semiconductors, AI, cloud, and digital networks. Our strategy is to identify and fund ventures that integrate advanced chip design, edge compute architectures, AI acceleration, and hyperscale data processing into resilient, region-specific technology stacks. By enabling next generation processing, cloud-native operations, and intelligence-driven value chains, we aim to empower India and Southeast Asia to emerge not merely as participants, but as co-architects, of the future digital order.
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Financial Services, Fintech & Credit
India’s fintech market has undergone a remarkable metamorphosis, from $85 billion in 2023 to an expected $121.4 billion in 2024, with projections to reach $550.9 billion by 2033 at a 17.4% CAGR. Powered by universal digital infrastructure such as UPI and Aadhaar, smartphone proliferation, and financial inclusion initiatives, the growth has been particularly robust in digital payments, 43% market share in 2024, neobanking (19.6% CAGR), and lending platforms (30% CAGR by 2030). Over 500 million Indians actively use UPI, with nearly ₹25 trillion (USD 293 billion) transacted in May 2025, equivalent to nearly 7,000 real-time transactions per second. India surpasses Europe, China and the United States, combined, in the sheer volume of digital transactions per day. This infrastructure has digitised credit delivery channels, enabling new underbanked segments, from MSMEs to gig workers, wishing to access credit via alternative underwriting models.
Southeast Asia’s fintech ecosystem is also undergoing systemic evolution. Fintech funding has grown tenfold over the past decade (2015–2024), with peak inflows of approximately $6.5 billion between payments and lending. Despite macroeconomic slowdown, Q1–2024 fintech funding remained resilient at $1.6 billion. Momentously, the region remains underbanked, with around 438 million adults lacking formal credit, making embedded finance, cross-border remittances, and SME lending major value propositions. The region’s fintech market is expected to grow from approximately $38 billion in 2024 to $180 billion by 2030, spotlighting sustained expansion in embedded and platform-led finance.
The integration of AI into fintech is only propelling this shift. The AI-in-fintech segment in India was valued at $462.8 million in 2022 and is projected to cross $2.34 billion by 2030 at a 22.5% CAGR. AI-powered credit scoring, fraud detection, chatbots, and algorithmic underwriting are driving cost efficiencies and enabling hyper-personalisation. India’s alternative digital lending market has increased from $9 billion in 2012 to $270 billion, growing at a 39.5% CAGR, catalysed by data-driven credit models.
Purus Research’s investment thesis hinges on backing financial platforms that synthesise credit, tech, regulation, and distribution. We focus on ventures scaling across embedded credit, SME financing, deeper penetration into tier II–III cities, and cross-border payment corridors, including UPI-linked remittances via NPCI’s Project Nexus; linking India with ASEAN members by 2026. Notably, global fintechs like Tide have rapidly attained 700,000+ SME customers in India, making it their largest market, reflecting the scalable opportunity of digitally native financial services.
Finally, as major global fintech players, such as Revolut and Wise, establish India-based compliance and engineering hubs, the market is transitioning to global-standard financial product innovation. Regulatory efforts, including the newly formed Fintech Foundation of India and ASEAN digital finance frameworks, are facilitating safe experimentation and inclusion. Purus positions itself to champion firms that enable aligned regulatory integration, technologically robust credit platforms, and locally responsive financial ecosystems, offering both commercial returns and durable systemic impact.
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Real Estate and Infrastructure Grade Materials
India and Southeast Asia are entering a long-awaited infrastructure super-cycle, driven by sustained public capital outlay, private housing demand, and formalisation of urban real estate markets. In FY24 alone, the Government of India allocated over ₹11.11 lakh crore, which is 3.3% of GDP, towards capital expenditure, a 33% increase over the previous year, with a continued strategic focus on roads, railways, ports, logistics parks, and digital infrastructure. Simultaneously, initiatives such as PM Gati Shakti, Smart Cities Mission, and the Bharatmala and Sagarmala programs have created a multi-year pipeline of infrastructure assets demanding scale, resilience, and sustainability. Urban real estate in India, chiefly in top 8 Tier-1 cities, has seen a 22% YoY growth in sales volumes in 2023, with Grade A commercial absorption and mid-income residential housing leading the trend.
Purus Research believes that value creation in this space is best captured by investing in companies manufacturing infrastructure-grade materials, such as cement, steel, aggregates, industrial paints, adhesives, glass, piping, electrical fittings, and green construction technologies, that enable and scale physical infrastructure. These upstream players enjoy strong pricing power, volume leverage, and cyclical tailwinds from capacity utilisation and demand elasticity.
In Southeast Asia, nations such as Vietnam, Indonesia, and the Philippines are seeing a revival in industrial real estate, metro rail projects, and manufacturing-linked urban expansion, as the China+1 strategy gains steam. These trends directly benefit regional materials companies with logistical reach, energy efficiency, and regulatory alignment. Our investment strategy here is two-fold: (1) Growth-oriented allocation into regional leaders expanding capacity in cement, glass, or industrial polymers amid strong demand visibility; (2) Value-oriented bets on smaller players benefiting from backward integration, raw material access, or state-level incentives; such as India’s National Infrastructure Pipeline and ASEAN-linked supply chain compacts.
We focus on companies with:
- Efficient cost structures (energy-to-GVA ratios, clinker-to-cement conversion, etc.
- Return on capital employed (ROCE) above industry median
- Sustainable practices (waste heat recovery, alternative fuels, water usage intensity)
- End-market diversification (residential, commercial, infrastructure, and exports)
In essence, infrastructure-grade materials are the enabling backbone of emerging market growth, and represent a scalable, defensive, and cyclical opportunity for long-term capital.
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