Seed Round · By Invitation · ₹10 Cr

Large-scale renewable
Bitcoin mining, built like infrastructure.

Amorphosis operates a 1 MW solar-powered Bitcoin mining venture on renewable-powered Indian sites — built for HNIs, Family Offices, and institutional capital seeking asset-backed exposure to digital infrastructure.

Section 42 · Companies Act 2013 Bitmain Antminer S21 Pro · 234 TH/s 100% Renewable Powered
Live · Streaming
mempool.space
BTC / USD
$63,880
≈ ₹53.3L per BTC
Block Height
#957,459
Network updated live
Our Production
2.78 BTC/mo
Operational output
Uptime (TTM)
99.9%
Trailing 12 months
Built on regulated · real-time · auditable infrastructure
Section 42
Companies Act 2013
DPDP Act 2023
Data Protection
PMLA · AML · KYC
Verified Allottees
mempool.space
Live BTC Feed
RBI-Licensed Rails
Razorpay
Aadhaar eSign
IT Act 2000
Live · Operational

Capital-efficient growth,
in real numbers.

Every figure below is drawn from an operating base of miners already producing block rewards. Conservative model: BTC held flat at $95,000, industrial power tariff with a renewable PPA hedge.

10-Year LTV per Unit
₹29 Cr
Lifetime value per 1 MW mining unit, 10-year discounted cash flow at BTC = $95K.
Monthly Production
2.78 BTC
Current operational output
EBITDA Margin
75%+
Industry avg: 38–42%
Uptime
99.9%
Trailing 12-mo average
Capital Payback
2-Q
From subscription to recovery
10-Yr ROCE
220%
~220% in 1st year
Round Status
OPEN
₹10 Cr · 200 allottees max
The Thesis

Most BTC exposure in India is accidental.
We made it intentional.

There is a wide gap between owning Bitcoin and owning a business that produces Bitcoin at a structurally lower cost than the market clearing price. We’re building the second.

Buying BTC on an exchange
  • Buy price fully exposed to spot — no operational alpha
  • 30% VDA tax + 1% TDS, no setoff against losses
  • Custody risk on exchange wallets
  • Zero compounding leverage on capital
  • Pure beta to BTC price; no business returns
  • Difficult to deploy ₹25L+ without slippage
Equity in Amorphosis
Advantage
  • BTC produced at cost — structural energy advantage
  • Indian company taxation, regulated equity instrument
  • Multi-signature institutional custody, audited annually
  • Operating leverage on every block reward + tx fees
  • Compounding via reinvestment + buyback flywheel
  • Clean ticket structure, KYC’d allottees only
Market Opportunity

Underpenetrated ~$15B opportunity,
set to reach ~$55B by 2030.

Global Bitcoin mining daily revenue is ~$40M. India’s renewable-power arbitrage — subsidized solar and hydro in Tier-2 cities — positions us to capture a structural cost advantage against global peers.

Total Addressable Market
$15B
Global crypto mining market, current
Projected Market by 2030
$55B
Global expansion trajectory
Serviceable Addressable
$4B
Asia + Africa share ~25%
Infrastructure

Engineered for institutional capital.

Six layers of operational and governance discipline. Each independently auditable; each documented in the Data Room.

Tier-2 Solar PPA
Solar

Tier-2 Solar PPA

Direct generation contracts at industrial-grade sites with 7-year cost lock.

Solar + Hydro Hybrid
Hybrid

Solar + Hydro Hybrid

Diversified renewables reduce single-point energy risk and improve uptime.

Grid Redundancy
Grid

Grid Redundancy

Backup grid connection ensures 99.9% uptime even during renewable shortfalls.

Solar · Hydro

Renewable Energy

Solar PPA and hydro-power agreements at Tier-2 industrial sites. ~60% below grid rate. Hedged for 7 years.

ASIC · Bitmain

Antminer S21 Pro

234 TH/s per unit at 15 J/TH efficiency. Latest generation hardware procured directly from Bitmain authorised channel.

M-of-N · HSM

Institutional Custody

Multi-signature wallet architecture with HSMs. Geographically distributed key shards. Annual SOC-2-style review.

Section 42

SEBI-Compliant Process

Section 42 private placement. Maximum 200 allottees per series. Companies Act 2013 governance. Full Board oversight.

Monthly Reporting

Real-Time Dashboard

Investor portal with daily mining performance, BTC accrual, energy consumption, and pool-level statistics. Read-only audit trail.

99.9% Uptime

Site Redundancy

Multiple operational sites across geographies. N+1 cooling redundancy. 60-day operating cost reserve. Zero leverage.

Operational Footprint

Built where the sun is cheapest.

Our infrastructure is co-located with renewable generation across Tier-2 Indian sites where electricity is cheapest at source. Kudankulam anchors Phase 1; capacity scales into Rajasthan, Telangana, and Maharashtra by 2028.

Active
Kudankulam, Tamil Nadu
Primary Mining + Solar Site
HQ
Chennai, Tamil Nadu
Operations HQ
Planned
Hyderabad, Telangana
Future Expansion
Active Site
Ops HQ
Future Expansion
Phase 1 1 MW solar deployment 100 Antminer S21 Pro units ~0.35 BTC/mo initial output
How Capital Flows

From your wire to your first satoshi.

A single, auditable flow — no intermediaries, no shadow custody, no off-book vehicles. Everything traceable to a regulated Indian operating entity.

01

Capital In

RTGS or UPI into the company escrow account. PAN-matched, AML-screened, KYC-verified.

02

Hardware Deployment

Capital deploys into Antminer S21 Pro units at our renewable-powered sites. CapEx traceable per allotment.

03

Active Mining

Hardware joins pool. BTC accrues block-by-block to our institutional wallet. Dashboard updated daily.

04

Distribution

Disciplined BTC-to-INR cadence; 30% VDA tax provisioned; net flows to shareholders per Board policy.

Unit Economics

The numbers, in writing.

Conservative 10-year projection modelled on BTC at $95,000 flat, India industrial power tariff with renewable PPA hedge. Sensitivity scenarios in the data room.

Year 1 Revenue
₹100 Cr
Year 1 EBITDA
₹29 Cr
EBITDA Margin
75%+
Until 2031
Capital Payback
2-Q
< 21 months
10-Yr ROCE
220%
1st year op ROCE
Asset Turnover
3.5×
1st year of ops
Revenue · EBITDA (2026 → 2035)
₹519 Cr by 2035
Revenue
EBITDA
Model: BTC $95K flat·Halving neutral·PPA 7-yr·0% leverage
Compounding Flywheel

Capital in renewable infrastructure compounds twice.

Once through Bitcoin appreciation. Once through structural energy savings that widen our margin every year, regardless of BTC price.

01

Energy Hedge

Fixed-cost renewable PPAs shield us from grid tariff hikes that hit other miners.

02

Halving Resilience

Lower marginal cost means we stay profitable when post-halving rewards squeeze competitors out.

03

BTC Accumulation

Treasury policy allows partial BTC retention — your equity holds direct exposure to a rising base asset.

04

Carbon Credit Upside

100% renewable operations qualify for emerging carbon markets — incremental revenue not modelled.

Use of Funds · ₹10 Cr

Every rupee, accounted.

No salary uplifts. No founder cash-out. No “general corporate purposes.” Capital deployment is operational, dated, and reportable.

Total Round
₹10 Cr
200 allottees max
30%
Mining Machines
₹3.0 Cr
30%
Land Acquisition
₹3.0 Cr
15%
Solar Power Plant
₹1.5 Cr
13%
Operations · Year 1
₹1.3 Cr
8%
Cooling Infrastructure
₹0.8 Cr
4%
Legal · Compliance
₹0.4 Cr
Strategic Partners

Backed by operators, not marketers.

Blue Bright Energy
India

Solar Power Plant Installation · Renewable Infra Setup · Solar Plant Integration · Off-Grid Low-Cost Power

Bitmain
Hong Kong

ASIC Hardware Ecosystem · Industry-Leading Equipment · Hardware Standardisation · Scalability

Execution Roadmap

A phased approach to scale.

Milestones with dates, deliverables, and reporting obligations — contractually committed in the Shareholders’ Agreement.

Oct 2025 Complete
Technology Validated
4 machines deployed & tested · System stability, security stack, and near-continuous uptime achieved.
Oct 2025 Complete
Compliance Framework
Risk management and compliance processes in place; price risk hedging; tax-compliant BTC-to-cash flow.
Nov 2025 Complete
Ecosystem Alignment
Solar energy partner (Blue Bright) onboarded; Bitmain hardware aligned; global mining pool access secured.
Apr 2026 Planned
Phase 1 · Foundation & Live Ops
24/7 operations with 100 Antminer S21 Pro machines · ~0.35 BTC/mo live capacity · Core power + cooling + pool integrations.
Jul 2026 Planned
Phase 2 · Capacity Expansion
Mining scaled to ~110 machines · Output raised to ~0.45 BTC/mo via disciplined reinvestment.
Apr 2027 Planned
Phase 3 · Accelerated Scale-Up
Capacity expanded to 120 machines · ~0.5 BTC/mo cumulative mined with stable operations.
Apr 2028 Planned
Phase 4 · Multi-Location Growth
Expansion across Tier-2 Indian cities using renewable power · Annual hardware upgrades · Solar capacity scale-up.
Joseph Rajendran
15+ YearsEnterprise Core
Joseph Rajendran
Founder & CEO
Leadership

An operator’s approach to Bitcoin infrastructure.

“Every decision at Amorphosis runs through one filter: can it be measured, can it be audited, can it be defended in a Board meeting and to a Family Office investment committee. If not, it doesn’t ship.”

15+ years of experience across insurance, bancassurance, risk assessment, fraud analysis, claims management, FMCG retail distribution, and e-commerce operations — combined with hands-on expertise in crypto trading, blockchain operations, and renewable energy systems.

Joseph brings the audit-grade rigor of Fortune-tier operators to a category that has been dominated by narrative-driven builders — the discipline that turns a mining rig into a financeable asset.

Accenture
IBM
GIG Gulf Insurance
Oriental Insurance
Investor Data Room

Diligence-ready documentation.

Institutional-grade documents behind a light identification gate. Verified investors receive additional materials on request.

Primary

Investment Deck

Full 22-slide investor pitch · Market, model, milestones

2.9 MB · PDF
Overview

Company Profile

Business overview · Team · Regulatory posture · Partners

1.4 MB · PDF
Brief

Executive Summary

2-page brief for investment committees

480 KB · PDF
FAQ

The honest answers.

Questions sophisticated investors ask. Answered clearly, without marketing gloss.

Get In Touch

Let’s open the conversation.

Every submission is reviewed personally by our leadership team within one business day. For urgent institutional inquiries, please indicate ticket size and reach out via phone.

Investor Enquiry Form
Tell us who you are.

DPDP Act 2023 compliant · no third-party marketing · delete on request.