At the intersection of finance and venture capital, Swasti Jain (MSF '24) works as a bridge between research and market, and between students and startups that scale while keeping principles intact.
When Jain joined Purdue’s inaugural Master of Science in Finance (MSF) practicum cohort, “nobody knew exactly what the structure was going to be,” she says. The course paired students with real portfolio companies backed by Fino Advisors, a venture studio focused on green infrastructure.
Her project centered on Moonshot Hydrogen — now Moonshot Organics — a sister company to Moonshot Compost in Texas that turns food waste into green hydrogen and valuable byproducts such as ethanol and carbon dioxide. “To give you a gist of what the company does, it takes food waste and turns it into green hydrogen,” says Jain. Food waste, she notes, is a significant contributor to greenhouse gases. Food waste and loss contributed 170 million metric tons of CO2, equivalent to 42 coal-fired plants, according to a 2012 EPA report. “So, there was a direct use case for what we were doing.”
Not every finance student takes on these projects with Jain’s enthusiasm. Tasked initially with building a financial model, Jain expanded the brief. She identified new revenue streams through renewable identification numbers (RINs) and carbon credits, then mapped the actual process for becoming eligible for those markets. “It is not just about telling them that they can do this but actually helping them understand what the process looks like and then actually doing it for them,” she says.
Her final presentation walked founders and fund leaders through multiple scenarios, from timing of profitability to portfolio.
“I took it upon myself as this is my own company because I wanted it to grow,” says Jain. “That sort of conviction” led Fino Advisors founder and CEO Rene Ramirez to hire Jain full-time.
Fino Advisors works with a number of startups in the green energy sector and partners with Purdue regularly. They are helping shape companies that are designed to do well by doing good. Jain describes the firm’s model as “more of a venture studio… where we take the companies to market. So, you are not just putting money into a company. You are building the company.” Ramirez co-founded Frellman Water Technologies and works closely with Moonshot.
Moonshot’s technology tackles two problems at once: the climate impact of food waste and the need for low‑carbon energy. Redirecting food waste out of landfills and converting it into hydrogen and other saleable outputs creates multiple layers of revenue while reducing emissions. Jain’s models help the firm compare which revenue channels are most profitable and how they fit within Fino’s broader green infrastructure portfolio.
“What makes it fulfilling is that every day I feel like I’m taking it one step closer to solving a real‑world problem,” she says. “You have to ensure that the company makes profit as well. We all want to make money. So, if you can tap into these markets that even makes sure that the company is going to progress.”
Having been an international student from India, Jain is also thinking about global impact. Her long‑term goal is to bring these kinds of technologies to international markets. “Coming from that country, I know what problems we are facing there,” she says. “The technologies that are being developed here. I know that there’s a real‑world application that can work across the world and not just in this country.”
Behind companies like Moonshot and Frellman Water Technologies is a system designed to move Purdue discoveries from lab to market faster. Purdue Research Foundation’s (PFR) Capstone Plus and Fusion Point programs connect Purdue intellectual property with engineering, marketing and finance students who help derisk technologies for industry partners.
“Most of the technologies that are disclosed to our office are TRL two or three, very low on the Technology Readiness Level scale,” says Dipak Nerula, who works on commercialization for Purdue Innovates and PRF. “Most companies are interested in putting money into technologies which are a little bit further developed.”
Capstone Plus projects, funded internally, help build prototypes and test feasibility. Fusion Point projects, funded by industry, refine those prototypes and explore specific market applications. In one case Nerula described, a Purdue technology entered Capstone Plus, advanced through an industry‑funded Fusion Point project and then spun out into Frellman, which now has an option and commercial evaluation agreement with PRF.
That pipeline is where Jain’s current work intersects with Purdue. At Fino Advisors, she is also involved in Frellman, which eliminates PFAS and other “contaminants of emerging concern” from water.
“We don’t just capture them. We actually eliminate them, which is extremely difficult and not a lot of other technologies that are out there are doing it,” says Jain. The underlying technology “has sprung out of Purdue University,” making it, in her words, “the best-case scenario” — Purdue innovations going to market with Purdue‑trained talent helping lead the way.
As Frellman develops its technology and business model, Jain has again turned to Purdue finance practicums for insight and support. She worked with MSF students to build a financial model and pitch deck that contributed to Frellman’s seed round. “We were able to actually raise seed funding for the company with their help,” she says.
Frellman’s mission resonates with Jain at a personal level. “Drinking water is not potable anymore. You can’t drink tap water,” she says, citing concerns about lead and PFAS levels and their connection to cancer and other health issues. “When I came to know about the problem and it is something as essential as water, you do want to make a difference.”
Her work with the latest practicum cohort focuses on preparing the company for a planned Series A raise, including analyzing potential new lines of business, such as integrated testing services that would allow customers to see “the before and after” of water treatment in one offering. Students help quantify initial investment, potential revenue and tradeoffs so the company can decide whether those ideas are the best use of future capital.
“As the mediator between the company and Purdue, I’m able to actually understand what the requirements are,” Jain says. “I try to make sure that all these efforts are actually being put into use.”
Jain sees her continued work with Purdue MSF students as both strategic and personal. She remembers arriving on campus with just 10 months of corporate experience and a desire for “something that is more challenging.” The practicum gave her that and ultimately led directly to her current role.
“This is extremely close to my heart,” she says. “The advice that I give to all the students is definitely, definitely go for each and every pitch competition, case competition, or anything that Purdue has to offer.” She frequently fields questions from prospective international students considering the MSF program and points to the practicum as her “selling point” because of its real‑world impact.
Working with finance professor Fabricio d’Almeida, Jain now helps design practicum projects that “add value to the students” while advancing Fino Advisors’ portfolio. She coordinates with Ramirez on potential topics, then consults with d’Almeida on which will give students the best experience as they enter the job market.
“I want to make sure that they think of it as more than an internship, that they’re doing entry-level work,” Jain said. “Within the 10‑month span you are studying also and you are applying whatever you are learning. I think that’s the best use of your time and energy.”
Last year, teams of MSF students worked on three different Frellman‑related projects, from exploring new business models to evaluating laboratory and testing concepts that could deepen the company’s value proposition. Many of those students later reached out to Jain and her colleagues for LinkedIn recommendations and letters of reference, which she gladly provided.
Because Fino’s portfolio supports several Purdue‑developed technologies, the relationship feels reciprocal to Jain. “Because it is my alma mater, of course, I want to give back,” she says.
The throughline links challenging, principled work; technologies that address urgent environmental problems; and a steady stream of students helping with real-world business solutions to the school’s pillars: academic prowess, business partnerships, transformative student experiences, and capitalism that links principles to profits.
