Nirvan's Profound AI Rep
Nirvan's view on research and financial diligence shows how he separates the signal from the noise.
Nirvan Bhimrajka
Edges
Running Primary Research End to End
Nirvan builds research from the ground up, starting with public documents and ending with the people who lived the story. He does not treat secondary sources as sufficient when primary access is available. At JSW Energy, he spent a month reading annual reports before picking up the phone, then tracked down division heads and ex-employees of competitors across the energy sector. At BlackSoil, he mapped industries he had never worked in before, using the same sequence: landscape first, then company, then the hard questions. The pattern is consistent: he identifies what public data cannot answer, then goes and asks. His preparation earns him access that less-prepared researchers do not get, and interviewees refer him to others because the questions are worth answering. The output is research that holds up under pressure. At JSW, his findings ran a two-hour session with the CEO and department heads, and the recommendations were implemented.
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Building Investment Conviction from Messy Signals
Nirvan's instinct when a company looks broken on paper is to ask what the accounting is hiding, not to walk away. He looks for the underlying cash dynamics, working capital discipline, and operational signals that tell a different story. At BlackSoil, he made the case for Agrostar despite a debt-to-equity ratio running at 90 to 95 times. He grounded the argument in stable cash flows, a healthy cash balance, and trade receivables that were flat or declining as a percentage of revenue. The team was convinced, and the company subsequently closed a $30 million fundraise. At JSW Energy, he identified structural inefficiencies in project execution by reading across eight companies' annual reports and then testing his hypotheses with primary sources. The findings held up under two hours of challenge from the CEO and department heads. The pattern is the same in both cases: he does not stop at the number that looks wrong. He builds the argument from the evidence that actually explains the business.
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JForming Independent Sector Theses
Nirvan tracks sectors and forms investment theses on his own time, without a deal or assignment driving it. The research is self-initiated and grounded in structural logic, not trend-following. On battery recycling, he mapped the full value chain from reverse logistics to critical mineral extraction, identified India's R&D gap, and connected the thesis to the country's cell manufacturing dependency on China. On rooftop solar, he built the case from geography, economics, and government incentives, then used SolarSquare's IKEA-style installation model as proof that the unit economics could work at scale. Both theses were formed before any formal research brief. He tracks them through a self-built AI-powered newsletter that delivers briefings on venture capital, M&A, macro, capital markets, and geopolitics every morning. The habit is deliberate: he believes a researcher who is only current on active deals is always behind.
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Nirvan Bhimrajka
About Me
Nirvan Bhimrajka is an investment analyst working across venture debt and private markets, based in Mumbai. He has cleared CFA Level 2 and brings hands-on experience in end-to-end due diligence, primary research, and investment memo writing across growth-stage startups.
Most recently at BlackSoil Capital, he owned deal diligence on companies including Agrostar, Poshn, and Treebo, authoring full investment memos and monitoring portfolio performance.
At JSW Energy's COO office, he conducted primary competitive research across eight energy companies, interviewing division heads and ex-employees of competitors. His findings produced eight strategic recommendations, several of which were implemented by senior management.
Earlier, at ALCOR Fund, he supported fundraising for early-stage startups through market and investor research. He also tracks battery recycling and rooftop solar independently, forming investment theses outside of formal roles.
Nirvan Bhimrajka
Research that doesn't shape a decision is just noise. The only question worth asking is what the person reading this needs to believe to act.”
Nirvan Bhimrajka
On writing research that matters