From Physics to Materials Science: Building Deep Tech Companies in India
A conversation with Samit Jain, Managing Director of Pluss Advanced Technologies, on creating sustainable energy solutions, navigating the Indian startup ecosystem, and building institutions that last.
In a world increasingly hungry for energy—where AI data centers now require more electricity than entire cities—the intersection of materials science and energy efficiency has never been more critical. Samit Sen's journey from physics graduate to materials science entreprenx]eur offers invaluable insights for anyone building deep tech companies in India.
The Unexpected Path to Materials Science
Sen's story begins with an interesting pivot. After completing his master's in physics and later electrical engineering, he found himself working in Los Angeles. But a calling to contribute to India's development brought him back home nearly 20 years ago.
"At that point of time, there were very few industries and business opportunities," Sen recalls. When his father had already started a materials science business, Sen saw an opportunity to grow something meaningful. What started as a family business evolution became a mission-driven company focused on environmental impact through energy solutions.
The Science Behind the Solution
At the heart of Plus Advanced Technologies lies a deceptively simple yet powerful concept: Phase Change Materials (PCMs). These materials can store and release thermal energy by changing their physical state from solid to liquid and back again.
Think of it this way: Sen's team has developed materials that can store heat or cold at specific temperatures ranging from -70°C to +160°C. With 45 different materials in their arsenal, they can essentially create thermal batteries for any temperature requirement.
Real-World Applications
European Temperature Arbitrage: In Europe's recent heat waves, nighttime temperatures dropped to 18-20°C while daytime soared to 40°C. Sen's 22°C melting point materials can capture that free nighttime cooling and release it during hot days, dramatically reducing air conditioning needs.
Agricultural Cold Storage: For Indian farmers who lose crops due to inadequate storage, solar-powered refrigeration using PCMs can store cold during sunny hours and maintain temperatures through the night—without relying on inefficient lithium-ion batteries.
Industrial Waste Heat Recovery: In manufacturing, waste heat at 120-130°C can be captured in PCMs and used to preheat water or other processes, reducing overall energy consumption.
The Deep Tech Dilemma in India
One of the most candid parts of our conversation centered on the fundamental challenges facing deep tech companies in India. Sen doesn't mince words about the structural issues:
The Funding Challenge
"The amount of money being pumped into R&D in a country, either by the government or the industry is very low," Sen observes. Unlike Europe where materials science startups get funded "much more easily," Indian deep tech faces a chicken-and-egg problem: technology becomes cheap only when adopted widely, but adoption requires affordable technology.
The Farmer Paradox
While Sen's technology could revolutionize agricultural storage and reduce farmer distress selling, the economic reality is stark: "80% of the farmers still do not have money or capital available to invest in such technologies." The solution requires government support, easier loan processes, and policy changes—but these move slowly while farmers suffer today.
Lessons from the Trenches
Choose Your Investors Wisely
Sen's advice on fundraising is particularly valuable: "Choose your investors very wisely. People who believe in what you are doing." His experience with Tata Capital Innovations Fund worked because their mandate aligned perfectly—they specifically wanted to invest in Indian-origin science and technology-driven manufacturing businesses.
The key insight: Don't just take money from anyone willing to give it. Misaligned investor expectations can force premature pivots away from long-term R&D needs.
The Bootstrap-First Philosophy
"You need to live within your means in the initial phases, try and do things in a bootstrapped way, perhaps, and then raise funds rather than immediately going out and raising funds," Sen advises. This approach prevents the pressure to generate immediate returns that can derail deep tech development cycles.
Focus Through Customer Partnership
One mistake Sen admits: "We try to work on too many materials at too many use cases." His recommendation? Find a customer willing to work with you from day one. This provides constant feedback and ensures you're building something the market actually wants.
Building Institutions, Not Just Exits
Perhaps the most profound insight from Sen comes from his transition from venture capital funding to becoming part of the Murugappa Group—a 150-year-old conglomerate.
"Try and build an institution rather than just trying to look for exits," he emphasizes. Legacy companies bring invaluable perspective on what lasts. As he notes about enduring products: "The same Billy bookcase that used to sell in 1960 sells today."
The Balance of Innovation and Stability
This doesn't mean becoming stagnant. Sen advocates for a balanced approach: "You need to be agile and need to be constantly aware. But not necessarily always change everything."
The International Expansion Playbook
For startups looking to expand globally, Sen offers practical advice gleaned from his European expansion:
Choose your geography strategically: Europe offered multiple countries, better time zones than the US, and active embassy support
Leverage embassy networks: Economic cells in foreign embassies are actively looking to connect with Indian companies
Start with government connections: These often provide the most direct path to relevant industry players
Talent and the Indian Advantage
On the talent front, Sen is optimistic about Indian capabilities but realistic about challenges:
The Good: "India has a lot of talent" and students from tier-2 universities often show more loyalty and dedication.
The Challenge: "Nobody from the colleges [comes] industry ready in India." Companies must invest heavily in training, from technical skills to basic professional communication.
The Solution: Hire for attitude and willingness to learn, then invest in comprehensive development.
Success Metrics for Deep Tech
Sen's framework for measuring deep tech success is refreshingly practical:
20-25% of revenues over 2-3 years should come from newer products
Focus on what the business needs at each moment, not rigid time division
Maintain the core principle: "What is right for my business, not what do I want to do"
The Road Ahead
As India's startup ecosystem matures, Sen sees reasons for optimism. Success stories like Agnikul (incubated at IIT Madras) are creating demonstration effects that inspire both investors and entrepreneurs. The key is patience and persistence.
"It's very important to be lucky. And to be lucky, you need to be on the dancing floor for the lady love to dance with you. So you have to keep doing things, and somewhere, something will always click. So one should not give up."
Key Takeaways
Deep tech requires patient capital: Choose investors who understand long gestation periods
Bootstrap first, then raise: Avoid premature optimization for investor returns
Customer-driven development: Partner with customers from day one for constant feedback
Think institution, not exit: Build for longevity, not just quick returns
Leverage government networks: Embassy connections can accelerate international expansion
Hire for attitude: Technical skills can be taught; the right mindset cannot
Focus on business needs: What you like to do and what your business needs may be different
For entrepreneurs venturing into deep tech, Sen's journey offers both cautionary tales and inspiring possibilities. The path is challenging, but for those willing to play the long game, the opportunity to solve real-world problems while building lasting institutions remains compelling.
As India's energy needs grow and climate challenges intensify, companies like Plus Advanced Technologies aren't just building products—they're building the foundation for a more sustainable future. The question isn't whether deep tech will succeed in India, but rather which entrepreneurs will have the patience, vision, and persistence to see it through.
This conversation was part of the "Designing Tomorrow with Ashutosh" series, exploring how decision-makers across industries are shaping our future.
Here is a link to the actual episode.
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