We invest in
high-quality, attractively-priced
Indian equities.

Deep research. Aligned incentives. Guided by evidence.
We combine proprietary data intelligence with on-ground diligence to protect and compound capital.

15

years of India investing

Suraag is built on a foundation of curiosity, discipline, and lived experience in Indian markets. Suraag Capital Management was founded in August 2025. We are a new company backed with decades of experience and strong credentials. The journey began early, with a scholarship cheque, and a deep curiosity to understand business moats and competitive dynamics.

Today, Suraag applies this accumulated experience at an institutional scale, turning a lifelong study of Indian markets into a repeatable, evidence-led investment process.

WHO WE ARE

Suraag Capital is an
India-focused,
long-only, public markets investment firm

1,500+

companies in active investment universe

100,000+

transcripts, filings, and government records analysed till date

15+

years of India public markets investing experience

Our Partners
Tax advisors for PPM
Fund accounting and custody
Consultants for PPM
RTA

WHAT WE DO

Synthesizing Data at Scale. Confirming Truth on the Ground.

We perform on-ground scuttlebutt and leverage our own proprietary tech platform Vyapti to source, diligence and track investment opportunities.

Investment Approach

Data

India has become a data-rich economy. Our systems are built to rely on objective facts rather than gut-based judgments.

Breadth

We systematically monitor ~1,500 listed Indian businesses. We continuously track, process and interpret public and proprietary data at scale.

Symmetry

Performance fee only on overperformance against NIFTY500 TRI. We earn when our investors do.

Empathy

Having worked with Fortune 500s, seed-stage startups, and pre-IPO technology companies and now building our own tech product, we understand how complicated building a business truly is. This gives us a behavioural edge and a long-term orientation.

Data

India has become a data-rich economy; our systems are built to rely on objective facts rather than gut-based judgement.

Breadth

Having worked with Fortune 500s, seed-stage startups, and pre-IPO technology companies and now building our own tech product, we understand how complicated building a business truly is. This gives us a behavioural edge and a long-term orientation.

Empathy

Having worked with Fortune 500s, seed-stage startups, and pre-IPO technology companies and now building our own tech product, we understand how complicated building a business truly is. This gives us a behavioural edge and a long-term orientation.

Symmetry

We charge no performance fee unless we generate alpha over the NIFTY 500 TRI. You will see symmetry as a value, in every part of the fund structure design.

Suraag is founded on a simple belief: superior investment outcomes come through deep research, independent thinking and respect for capital.“Suraag” means clue or evidence in Hindi, and is a constant reminder that every investment decision must be grounded in verifiable data and rigorous analysis. The name also carries personal significance, drawing from my parents’ initials.

Our investment process combines large-scale data analysis with deep on-ground work to evaluate businesses through a consistent and repeatable underwriting framework.

This firm is my life’s work, and it is structured to steward capital responsibly across cycles. Our objective is to protect capital first and generate attractive risk-adjusted returns over time.

Rishabh Aggarwal

Founder & CEO, Suraag Capital