Tathagat: A Tech-First Infrastructure Startup Reimagining India’s Industrial Backbone

When conversations around India’s growth story arise, attention typically gravitates toward startups in SaaS, fintech, and consumer tech. Yet quietly, and with considerable ambition, one company is tackling the unsexy—but deeply essential challenge of building the hard infrastructure needed to power that digital future.
Enter Tathagat a relatively young infrastructure development firm with an unusually sharp focus: building high-tech industrial facilities such as data centers, semiconductor manufacturing units, and advanced equipment parks, particularly in Tier 2 and Tier 3 cities.
In a country still grappling with fragmented infrastructure, especially outside metros, Tathagat’s positioning is unique: blending cutting edge technology with physical infrastructure, while aligning itself with India’s most ambitious policy efforts from the Semiconductor Mission to the PLI schemes and Data Localization mandates.

A Bold, Focused Bet on Infrastructure 2.0
Founded in 2023, Tathagat doesn’t aspire to be “just another EPC contractor.” Instead, the startup is building what its cofounder, Gaurav Aggarwal calls “India’s infrastructure for the industries of tomorrow.”
Where traditional infra players are often driven by scale, low margins, and government-heavy bidding wars, Tathagat is focused on value-driven, smart industrial development that solves three interconnected problems:
1. India’s lack of modern, scalable data infrastructure
2. The gap in manufacturing readiness for electronics and semiconductors
3. The absence of plug-and-play industrial ecosystems in non-metro regions
“We’re not trying to retrofit outdated infra to meet modern needs,” says Pooja Shah. “We’re designing for tomorrow’s needs from day one.”

Policy Backing and Tailwinds
The startup’s strategy is not just ambitious it’s also well-timed.
In the last three years, India has committed over $10 billion in incentives for semiconductor manufacturing, launched the India Semiconductor Mission, and mandated data localization for companies operating within its digital ecosystem.
At the same time, states like Gujarat, Tamil Nadu, and Maharashtra are pushing to become hubs for electronics, EVs, and cloud infra. But most Tier 2 and Tier 3 cities lack Grade-A facilities that are needed to attract global OEMs or cloud hyperscalers.
Tathagat aims to fill that vacuum by building tech-integrated, sustainable infrastructure that meets global standards and is financially viable for domestic and foreign tenants alike.
“Most global investors are excited about India’s digital economy,” says Vinod Malde, an early-stage infra investor, “but without the physical layer—power, cooling, compliance it’s just vaporware. Tathagat is solving for that missing link.”

Execution with Early Proof Points
While still early stage, Tathagat isn’t starting from scratch.
As of mid-2025, the company has:
• MoUs for over 150 acres of land in Gujarat and Maharashtra—zoned for industrial and data infra
• Two letters of intent (LOIs) from global electronics and semiconductor firms for built-to-suit facilities
• A pilot 50MW data center design under review in Southern India
• Active conversations with state industrial authorities for joint execution under PPP models
Notably, Tathagat’s proposed business model spans EPC execution, DBO contracts, and long-term leasing, enabling both upfront revenue and recurring annuity.
“The infra space typically sees one-time fees or long gestation cycles,” says Ravindra Shinde, “but a hybrid model like this is built for speed, scale, and stability.”

Tech at the Core, Not Just the Buzz
What sets Tathagat apart at least on paper is its deep integration of technology in infrastructure execution.
Rather than using tech as a buzzword, the firm deploys:
• BIM (Building Information Modeling) for design and cost optimization
• IoT-based monitoring in project construction and facility operations
• Digital twins to simulate asset performance and reduce downtime
• AI scheduling for project management and risk mitigation
This not only improves delivery timelines but also reduces cost overruns—one of the biggest pain points in Indian infrastructure.
Moreover, Tathagat is aiming for net zero infrastructure, embedding renewable energy, smart cooling, and water optimization into its designs from day one.
It’s the kind of approach that makes the firm attractive not just to investors, but also to global tenants who must meet ESG compliance in their supply chains.

A Market Ripe for Disruption
India’s real estate and infrastructure sector has historically skewed toward either residential housing or basic infrastructure like roads and metros. But a new opportunity is emerging.
According to CBRE and Knight Frank reports, India’s data center market alone is projected to hit ₹70,000 crore ($8.4B) by 2028, growing at 23% CAGR. Add to that the semiconductor infrastructure demand estimated at $100B globally and the need for high-tech industrial parks across 14 PLI-linked sectors, and you get a pipeline ripe for private capital and institutional players.
Tathagat is betting that the next decade of infrastructure growth will be tech-led, ESG compliant, and anchored in India’s emerging regions.
They’re not alone. Heavyweights like Blackstone, Brookfield, and Ascendas are doubling down on Indian real estate. But most are focused on metros and asset monetization. Tathagat wants to build greenfield, capture early tenants, and hold long-term assets with REIT ready potential.

Challenges on the Road Ahead
Of course, infrastructure is not for the faint of heart. Tathagat faces all the classic risks: land acquisition delays, policy shifts, funding pressures, and execution pitfalls.
While the team boasts experienced advisors, including an ex-IAS officer and a global data center veteran, it remains to be seen how the company scales from MoUs to operating assets.
More importantly, capital is not infinite. Infra investors expect both hard assets and predictable cash flows, and early stage infra plays often get caught in the chasm between vision and viability.
Still, in a sector where vision is often scarce and tech is an afterthought, Tathagat’s clarity of purpose stands out.
Final Word
As India aspires to become the world’s third-largest economy and a global manufacturing and digital services hub, the invisible infrastructure supporting that ambition cannot be ignored.
While the spotlight remains on unicorns and IPOs, players like Tathagat are quietly laying the groundwork for the physical transformation of India’s industrial landscape.
And in that transformation, investors may find both impact and returns that endure.