What happens when physical assets earn software margins?

IBOIntelligenceBuyout.

Acquire the Business. Add Intelligence. Multiply Cash Flows.

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The Mispricing

The Largest Mispriced Economy in India

Physical Services: Skin · Teeth · Eyes · Joints · Elder Care

22% → 4%

Share of GDP vs. Market Cap

5–8×

Lower Penetration vs. Korea

~29%

Average Asset Utilisation

IGNORED

By Capital Markets

Demand Explodes. Profits Don't. Yet.

The Insight

AI Is Electricity
For Services

The last time a general-purpose technology met an underserved sector, it created decades of compounding alpha. This is that moment.

Electricity made factories infinite.

How Electricity Transformed Factories — Ford Motor Company, 1913

AI makes expertise infinite.

How AI Is Transforming Services — From Manual to Automated Operations
The structural shift is identical.

How The Intelligence Buyout™ Works

Software economics.
Physical assets.

01
Acquire Underutilised Assets
Skin. Teeth. Eyes. Joints. Elder care. Locations where equipment, staff, and lease are already sunk — running at a fraction of capacity. Priced as broken businesses. Valued as fixed assets.
3–5×
Entry EBITDA multiple vs 15–25× for SaaS
02
Add the Intelligence Layer
Diagnosis, pricing, protocols become software. AI distributes expertise across every room, every location. Every operation generates proprietary data that compounds the model. More operations → better AI → wider moat.
20→80%
Capacity utilisation shift. Same building.
03
Multiply Cash Flows
Profit function flips. Incremental customers at ~85% EBITDA. No additional capex. Software margins on physical infrastructure.
4.3×
Customers on the same cost base
"Same traffic. Same cost base. 4.3× the customers. Every incremental one is nearly pure margin."
— The Intelligence Buyout™ Thesis

Proof of Concept

We've Seen This Movie Before

First IBO: Our Own Business

10×
Revenue Growth
Post-Integration Scale
~60%
EBITDA Margins
Software-Level Profitability
-50%
Cost Base
Translation Costs Removed via AI
20+
Global Markets
Managed by Same Core Team
Track Record AltG Intelligence Buyout

The playbook is proven. Now we industrialise it.

Leadership

The inventors of
the IBO.

Two operators. Two capital allocators. One asymmetric bet.

AltG Founders — Poornima Vardhan & Taponeel Mukherjee

Co-Founder & Principal

Poornima Vardhan

Wharton MBA (Joseph Wharton Scholar) · LSE MSc Operational Research · St. Stephen's, Delhi

Wall Street investment banker covering global industrials, turned operator. Financial engineering rigour meets 15 years of building and restructuring operating businesses across India. India's first D2C brand. Two regional airlines. A luxury fashion restructuring. $350M in cross-border M&A advisory at UBS New York.

"Winning By Design."

Co-Founder & Principal

Taponeel Mukherjee

INSEAD MBA · LSE MSc Finance & Economics · Northwestern BA Economics

Taponeel is a renowned economist and former macro trader with over 20 years of experience in global markets. His career spans UBS and Citigroup across London, Zurich, and Tokyo. At just 24, he generated his first million during the 2008 Lehman Brothers bankruptcy. He established UBS's second-most profitable Yen short-end rates trading desk, generating $450M, and led the bank's most profitable short-end rates business, yielding over $3B.

"Find your edge."

The story is being told.

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India has no idea
what's coming.

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