Disciplined. Site-first. Demand-led.
Kottinger Capital does not speculate on construction. Every dollar deployed follows a site with secured power and land, and a tenant with a committed lease.
The constraint is not capital. It is sites.
India's data center market is supply-constrained, not demand-constrained. Hyperscalers, AI clouds, and enterprises are actively seeking capacity. The bottleneck is the absence of sites that combine reliable grid power, suitable land, and regulatory clearance.
Most new entrants underestimate how long it takes to secure all three. Power agreements, land acquisition, and state approvals each carry their own timeline — and they must be sequenced correctly. Kottinger Capital's team has the relationships to compress that process.
We acquire and permit sites before development capital is deployed. That sequencing — site first, capital second — is the fund's structural advantage over both domestic developers and international entrants.
Three pillars. No exceptions.
How we evaluate sites.
Minimum 100 MW committed grid capacity at site, with a credible path to 500 MW+ within the campus development horizon.
Clear, unencumbered title or long-term lease from state authority. No sites with contested ownership or pending litigation.
Confirmed water source and allocation agreement. Cooling infrastructure is a first-order constraint for AI-density workloads.
Active state-level incentive framework: concessional land pricing, power tariff relief, and single-window approval process.
Documented interest from at least one anchor tenant before development capital is committed. LOIs required before tranche release.
Stabilized asset must be structurally eligible for infrastructure fund or REIT acquisition — long-dated leases, investment-grade tenants preferred.
Risk-first underwriting.
Every investment decision starts with the downside. We identify the specific failure mode for each site — power, land, tenant, or policy — and require mitigation before capital is committed. The fund does not rely on market appreciation or demand forecasts. Returns are underwritten on contracted cash flows from committed tenants.
Grid connection agreements executed before land acquisition. No site advances without a signed power commitment from the state utility.
State-backed land allocation preferred. Sam Rajoura's government relationships provide direct access to state land banks and fast-track title processes.
Demand-led phasing means no construction tranche is released without executed lease commitments. Speculative capacity is not built.
We operate in states where data center investment is a political priority. Relationships with state leadership provide early warning of policy shifts.
Neil Doshi's Nebius experience covers large-scale data center build-out. Phased construction limits exposure at any single point in the development cycle.
Review the full fund deck.
Qualified investors may request the fund deck, financial model, and data room access. All materials provided under NDA.