voestalpine: Building the MRTS Market Entry Thesis

When Vaanya joined voestalpine, the firm was exploring whether to enter the MRTS and metro rail space. voestalpine is primarily a steel and technology company, and the question was whether there was a credible opportunity for them in India's growing metro rail infrastructure.

The team was lean, and Vaanya's focus was on the secondary research that would underpin the thesis. She led the desk research on the size of the opportunity, the competitive landscape, and the government incentives that might make the space attractive.

She also participated in conversations with experts and industry insiders, including people from competitor firms and adjacent businesses. These conversations were central to gauging the actual magnitude of the opportunity: how many players were active, what the realistic returns looked like, and whether the financial case held up.

The team built the thesis together, with Vaanya primarily owning the research foundation. The more senior members handled business development and specific opportunity evaluation, but the secondary research and expert synthesis that informed those decisions was her primary contribution.

voestalpine ultimately decided to enter the space. The firm applied to several tenders and went on to work on metro projects, a decision grounded in the research the team had built.