• For each of the firm’s seven sectors, build end-to-end value chain maps identifying listed Indian companies at each node, from raw material and feedstock inputs to component manufacturers, systems integrators and OEMs, capital equipment vendors, software and platform providers, infrastructure operators, and end-market customers.
• Maintain a watchlist of listed companies, sized to analytical depth rather than uniform coverage, typically eight to twelve names in sectors with deep Indian listed exposure (energy transition, biotechnology, advanced materials, defence and aerospace) and a smaller curated set in sectors where Indian listed depth is still developing (semiconductors, AI infrastructure, robotics). Monitor financial performance, management commentary, order book evolution, capex commitments, and policy disbursement signals for deep tech adoption inflection.
• Benchmark Indian listed companies against global comparables to identify valuation gaps, growth rate differentials, and capital and research expenditure cycle positioning that may reflect mispricing of deep tech exposure. Triangulate valuation-based signals with policy-driven demand inflection (PLI disbursements, India Semiconductor Mission and IndiaAI Mission progress, Critical Minerals Mission, BioE3 implementation etc.) and structural beneficiary positioning across the value chain.

• Produce monthly briefs identifying listed beneficiaries of specific deep tech inflections, with structured investment theses, key catalysts, risk factors, and the financial metrics appropriate to each sector including EV/Sales, EV/EBITDA, order-book-to-revenue, capital expenditure intensity, project-level IRRs, pipeline-stage NPV in biotechnology, and recurring revenue mix where software and platform exposure is material.
• Apply technology readiness assessments and manufacturing specifications from the Technology Fellow to construct technology adoption curves and convert them into revenue, margin, and capital deployment scenarios for listed companies positioned along the adoption pathway.
• Apply supply chain analysis and policy disbursement tracking from the Supply Chain Fellow to identify listed companies with disproportionate exposure to PLI tailwinds, India Semiconductor Mission and IndiaAI Mission disbursements, Critical Minerals Mission allocations, BioE3 implementation, and indigenisation mandates across the Purus’s seven sectors.
• Develop listed equity coverage of defence, aerospace, and dual-use industrial names informed by sector intelligence from the Dual-Use Scout, with particular attention to companies positioned to benefit from the Defence Industrial Corridors, iDEX and ADITI procurement pathways, and the broader indigenisation programme.

• Evaluate exit pathways for startups in Purus’s early-stage pipeline across three channels, strategic acquisition by listed Indian and global corporates; secondary sales to growth-stage funds and sovereign capital pools active in Indian deep tech (including domestic and SEA sovereign vehicles, multi-stage venture platforms, and crossover funds); and acquisition by large unlisted Indian corporates and conglomerate-affiliated entities pursuing strategic deep tech positioning.
• Identify plausible strategic acquirers across the firm’s seven sectors, estimate valuation benchmarks using precedent transactions, and assess acquirer-specific drivers including indigenisation procurement positioning, technology gap-filling, vertical integration, and PLI-linked capability acquisition.
• Track IPO and pre-IPO activity in Indian deep tech across the firm’s seven sectors, evaluating valuation benchmarks set by recent listings as reference points for portfolio valuation and exit timing. Particular attention to listings that establish sector-specific valuation precedents such as in defence and aerospace, electronics manufacturing services, specialty chemicals and materials, renewable energy and battery names, biotechnology, and emerging semiconductor-adjacent listings.
• Monitor exit structure dynamics including IPO market windows by sector, block and OFS deal flow on listed precedents, secondary placement activity post-listing, and demerger-led value unlock plays in conglomerate-affiliated deep tech businesses.

• Monthly public equity briefs identifying listed beneficiaries of specific deep tech inflections across Purus’s seven sectors, with structured investment theses, key catalysts, risk factors, and sector-appropriate financial metrics.
• Quarterly sector dossiers mapping end-to-end value chains from raw material and feedstock inputs to systems integrators and end-market customers, identifying listed Indian companies at each node and benchmarking against global comparables.
• Watchlist maintenance briefs across the seven sectors, monitoring financial performance, management commentary, order book evolution, capex and R&D commitments, and policy disbursement signals for deep tech adoption inflection.
• Technology adoption curve and scenario models produced in coordination with the Technology Fellow, converting technology readiness assessments and manufacturing specifications into revenue, margin, and capital deployment scenarios for listed companies positioned along the adoption pathway.
• Policy impact trackers produced in coordination with the Supply Chain Fellow, translating PLI disbursements, India Semiconductor Mission and IndiaAI Mission progress, Critical Minerals Mission allocations, BioE3 implementation, procurement policy shifts, and export control developments into listed equity implications.
• Defence, aerospace, and dual-use listed equity coverage briefs produced in coordination with the Dual-Use Scout, with attention to companies positioned across the Defence Industrial Corridors, iDEX and ADITI procurement pathways, and the broader indigenisation programme.
• Exit and M&A analysis notes for portfolio companies under diligence, evaluating exit pathways across strategic acquisition, secondary, and unlisted-corporate channels; estimating valuation benchmarks from precedent transactions; and assessing IPO market windows and deal structure dynamics relevant to portfolio exit timing.

• Undergraduate or graduate training in finance, economics, engineering, computer science, materials science, biotechnology, or chemistry; or in a related discipline with substantive engagement in quantitative analysis. Strong candidates combine technical literacy with financial markets understanding.
• Foundational equity research skills, including the ability to interpret financial statements, model revenue, margin, and capital deployment scenarios, apply valuation frameworks across multiple methodologies (trading multiples, DCF, sum-of-the-parts, pipeline-stage NPV, project-level IRRs), and construct a coherent investment thesis with explicit catalysts and risk factors.
• Ability to read technical documentation across the firm’s seven sectors and translate engineering, regulatory, and supply chain diligence into timing, valuation, and risk implications for listed equities, working in coordination with the Technology Fellow, Supply Chain Fellow, and Dual-Use Scout.
• Familiarity with India’s capital markets, including NSE and BSE sector structures, SEBI disclosure frameworks, the covered analyst community across deep tech adjacent sectors, and the structural mechanics of Indian listed market activity (IPO and pre-IPO dynamics, block and OFS deal flow, secondary placements, demerger and value-unlock transactions).
• Familiarity with India’s industrial and innovation policy framework, including PLI schemes across sectors, the India Semiconductor Mission, IndiaAI Mission, Critical Minerals Mission, BioE3, MoD procurement under DAP 2020 and successor frameworks, iDEX and ADITI procurement pathways, Defence Industrial Corridors, and the broader Atmanirbhar Bharat indigenisation programme as it bears on listed industrials, defence, and deep tech companies.
• Working understanding of global comparable analysis and the structural drivers of relative valuation between Indian and international deep tech equities, including capital expenditure cycle dynamics, policy-driven demand inflection, and structural beneficiary positioning along value chains.
• Intellectually rigorous and commercially grounded, with the ability to distinguish signal from noise in both technical and market data, and to operate productively at the interface between technical analytical work and investment thesis construction.
• High discretion and professional integrity in handling material non-public information, portfolio positioning data, and cross-role analytical work.

Purus Research invests in early stage Indian deep tech startups and, drawing on the same thematic intelligence, in listed equity markets in India and globally. Our focus is on frontier technologies that shape strategic industries: space and launch systems, semiconductors and advanced computing, defence and dual use systems, biotechnology and life sciences, advanced materials and critical minerals, and clean energy and climate technologies, with quantum technologies, next generation communications, and advanced manufacturing as cross cutting domains.

The most valuable opportunities in deep tech are enabled by researchers in university and government laboratories, veterans of corporate research divisions building independently, engineers in stealth mode startups, and serial founders identifying strategic industry shifts before they become publicly visible. Finding these opportunities requires a structured intelligence function, and that is what this fellowship is cogitated to deliver.

Deep tech refers to technologies rooted in substantial scientific discovery or meaningful engineering innovation, often combining advances across multiple disciplines, aiming to solve fundamental, hard problems of significant scope. Unlike shallow tech (software, apps, business model innovation), deep tech is grounded in breakthrough science or hard engineering, addressing problems that incremental approaches cannot reach.

The consequence of building on breakthrough science or hard engineering is structural. These technologies demand long R&D cycles, often a decade or more, and heavy upfront capital before commercial viability. Their primary risk is technical, not commercial. When they succeed, they produce structurally tenable companies, protected by engineering complexity, proprietary process, and intellectual property, that reconfigure entire industries.

Deep tech investing is fundamentally an intelligence problem. The technology is complex, the signals are early, and the commercial implications require domain specific judgement. This fellowship is designed to aid Purus solve that problem systematically.

The fellowship is organised around five interconnected roles that together form an integrated intelligence system, spanning the identification of early stage technology signals, technical and industrial assessment, and the synthesis of those signals into investment decisions across private and public markets.

Each fellow's work feeds directly into the others. A technology surfaced by the Scouting Fellow is assessed by the Technical Fellow, evaluated for manufacturability, in India, by the Supply Chain Fellow, classified for strategic relevance by the Dual Use Fellow, and interpreted for listed equity implications by the Markets Convergence Fellow. The outputs are structured, decision grade, and used directly in Purus's investment process.

Informed undergraduate and graduate students with strong technical, analytical, or policy foundations, and the curiosity to apply them to aid real investment decisions. The work is research heavy and operates across professional intelligence platforms, technical documentation, and primary literature, requiring the technical literacy to navigate these tools and the analytical discipline to extract decision grade insight from them. You do not need prior finance experience. You do need intellectual rigour, comfort with ambiguity, willingness to learn, technical fluency across multiple research environments, and the discipline to produce structured, accurate work under deadlines.