Rahul Agrawal
Co-founder, Managing Partner and Chief Investment Officer of EverFlow Partners — the public name of Himalaya Investment Advisors LLP, a Bengaluru portfolio manager he set up with a former WestBridge Capital colleague. He is the named fund manager on both of the firm's registered approaches, and the flagship has only been running since May 2023.
Is Rahul worth your time?
A WestBridge alumnus who left a large India-focused fund to build his own. Agrawal led public-market and private-equity transactions at WestBridge Capital, a USD 5bn-plus fund, before co-founding EverFlow Partners with Aditya Agarwal; the LLP behind it was incorporated in July 2022 and holds SEBI portfolio-manager registration INP200007672, an INP2-series number rather than the more common INP0 prefix. APMI records him as the fund manager of both EverFlow India Opportunities, live since 2 May 2023, and EverFlow Bespoke, live since 21 June 2023. The firm also manages a Category III alternative investment fund. The philosophy is stated plainly and includes an admitted bias towards smaller companies — which is where most of the risk sits.
Investors who want a young, founder-run, deliberately concentrated Indian equity book from a manager with institutional grounding at a large India-focused fund, and who are comfortable being early. It suits a long horizon, a satellite allocation, and someone who reads the firm's own admitted small-cap bias as the risk it is rather than as an upside promise. The alignment on offer is real — the founders say the vast majority of their net worth is in the fund and fees are largely performance-linked. What is not on offer is a long record: the flagship started in May 2023 and has not yet been through a proper bear market.
- The flagship has only run since May 2023, with no five-year number and no bear market tested.
- The firm states its own bias towards smaller companies while being benchmarked to the broad BSE 500 TRI.
- A young two-founder firm with one named fund manager on both approaches carries real key-person risk.
- There is no fixed-only fee option, so cost rises sharply in strong years through the profit share.
About Rahul Agrawal
Rahul Agrawal is co-founder, Managing Partner and Chief Investment Officer of EverFlow Partners, the operating name of Himalaya Investment Advisors LLP, a SEBI-registered portfolio manager in Bengaluru. He is the firm's Principal Officer and is recorded on APMI as the fund manager of both of its registered investment approaches as of July 2026.
The firm credits him with more than ten years of investment experience across sectors and company stages in India. Before starting EverFlow he led several public-market and private-equity transactions at WestBridge Capital, a USD 5bn-plus India-focused fund, and earlier interned at McKinsey & Company. He holds an MBA from IIM Ahmedabad, where he won the Director's Gold Medal, a commerce degree from Ahmedabad University, and has completed two levels of the Chartered Accountancy course, merit-listed.
Career
- Present
Co-Founder, Managing Partner & Chief Investment Officer, EverFlow Partners (Himalaya Investment Advisors LLP)
Principal Officer of the firm and the named fund manager on APMI of both EverFlow India Opportunities and EverFlow Bespoke as of July 2026. He is also a designated partner of the LLP, appointed at its incorporation in July 2022.
- before EverFlow
WestBridge Capital
Led several transactions in public markets and private equity at a USD 5bn-plus fund focused on long-term investments in Indian equities. The firm's own bio does not state the length of the tenure; PMS data platforms report around eight years.
- earlier
McKinsey & Company (internship)
Interned at the firm and received a full-time offer, per EverFlow's own bio.
- education
IIM Ahmedabad, Ahmedabad University, Chartered Accountancy
MBA from IIM Ahmedabad with the Director's Gold Medal, a commerce degree from Ahmedabad University, and two levels of the Chartered Accountancy course completed, merit-listed.
Six principles
Governance first
Good governance heads the firm's stated screen, and it says it avoids governance arbitrage — treating who runs a business as a gate rather than a discount to be priced.
Compounding at a discount
The stated aim is to buy companies compounding rapidly while trading at a significant discount to underlying business value, through a value-conscious, first-principles, bottom-up approach.
Concentration to scale conviction
The firm says it runs a concentrated portfolio so it can scale its best ideas, with no artificial constraints on sector, size or ownership.
An openly stated small-cap bias
It says it is biased towards smaller companies because it believes Indian public markets, especially small and mid caps, are under-researched. Disclosed clearly — and the main source of risk in the book.
No buy at any price
The stated discipline is refusing to overpay, with an explicit rejection of the notion that every great company is a great investment.
Alignment through skin and structure
The founders say the vast majority of their net worth is invested in the fund, and that fees are largely linked to performance rather than to assets.
The call that shows the method working
On the register — with a short record and a stated tilt
The Association of Portfolio Managers in India, the SEBI-recognised body for the PMS industry, records Rahul Agrawal as the fund manager of both Himalaya Investment Advisors LLP approaches as of July 2026: EverFlow India Opportunities, inception 2 May 2023, and EverFlow Bespoke, inception 21 June 2023. Both are equity approaches benchmarked to the BSE 500 TRI with a ₹50 lakh minimum, and both carry the same terms — no fixed-fee option, a 0.75% fee with an 8% hurdle and a 20% profit share, and an exit load tapering from 2% in the first year to 0.5% in the third. The firm's own regulatory page publishes SEBI portfolio-manager registration INP200007672, an INP2-series number that is valid rather than a transcription error, alongside a separate Category III alternative investment fund registration.
What the register does not give this manager is history. The LLP was incorporated in July 2022 and both approaches launched in 2023, so there is barely three years of live, regulated performance and no five-year figure at all. It also does not describe the shape of the book: the firm's own philosophy page states a bias towards smaller companies, and an independent review found the flagship heavily weighted to small caps despite a multi-cap classification on data platforms. Neither of those is hidden — but neither is visible from the register alone.
- before EverFlowLeads public-market and private-equity transactions at WestBridge Capital, a USD 5bn-plus India-focused fund
- 12 Jul 2022Himalaya Investment Advisors LLP incorporated, with Agrawal and Aditya Agarwal as designated partners
- 2022-23Firm registered as a SEBI portfolio manager (INP200007672) and as a Category III AIF (IN/AIF3/22-23/1186)
- 2 May 2023EverFlow India Opportunities inception, per APMI — the flagship's starting point
- 21 Jun 2023EverFlow Bespoke inception, per APMI
- 31 Jul 2026APMI records him as fund manager on both approaches; just over three years of live record
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | Since inception |
|---|---|---|---|
| Himalaya - EverFlow India Opportunities | +9.37% | +19.72% | +24.13% |
Your return will not be a single number. These are the strategy's trailing returns over different holding periods: up to one year absolute, beyond one year annualised. Your own outcome depends on when you invested; this is not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Rahul on
Bring these to the call.
Three years is three years
Ask for the dated performance series from May 2023, and resist any framing that borrows the founders' prior institutional records. Ask specifically what the book did in the worst quarter it has seen.
What is the actual market-cap split?
The firm admits a small-cap bias and the benchmark is the broad BSE 500 TRI. Ask for the current large, mid and small-cap weights, the number of holdings and the top-five sector concentration, in writing.
Who decides, him or both founders?
APMI names only Agrawal as fund manager on both approaches, but the firm is co-founded and co-run. Ask how idea generation, sizing and sell decisions are split with Aditya Agarwal, and who runs the book if one of them leaves.
Model the fee in a good year
There is no fixed-only option: a 20% profit share above an 8% hurdle. Ask for a worked example at a strong return, ask how the hurdle is calculated, and confirm high-water-mark treatment in writing.
Which vehicle are you being sold?
The firm runs both a PMS and a Category III alternative investment fund. Confirm which one your money goes into, and never accept blended performance across the two.
Match the name on the agreement
The regulatory page names a PMS scheme worded differently from the two approaches APMI registers. Ask which registered investment approach your account is mapped to before signing.
Can a small-cap-tilted book be exited at size?
Ask how many trading days it would take to liquidate the top five positions at normal volumes, and what happens if redemptions cluster during a drawdown.
Rahul Agrawal · FAQ
What does Rahul Agrawal manage?
Why does the SEBI number start INP2 rather than INP0?
How long has the strategy been running?
Is it really a multi-cap portfolio?
Who else runs the firm?
What is the minimum investment, and what are the fees?
Considering Rahul's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Rahul Agrawal.