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Hope and Stability
Matterhorn Investment Advisors LLP (MHIA) is a SEBI-registered Portfolio Manager (PMS Reg: INP000009588) and Fund Manager, founded in May 2023 by Sushil Kumar Agarwal and Arvind Tungaria. It is headquartered at 307, 3rd Floor, Horizon Tower, Jewel of India, Jaipur 302018, Rajasthan (LLPIN: ACC-3067). MHIA serves as the Investment Manager of Matterhorn Investment Trust – Matterhorn India Opportunity Fund (Category II AIF, SEBI Reg: IN/AIF2/23-24/1482) focused on public and private markets. MHIA is also the sponsor (not fund manager) of Matterhorn Capital Trust – Matterhorn India Fund (Category III AIF, SEBI Reg: IN/AIF3/23-24/1323), whose fund manager is Knightstone Capital Management LLP (LLPIN: AAB-7067). The group's operating businesses arm is Greenfinch Global Consulting (GGC), accessible at www.greec.in. Matterhorn takes its name from the iconic peak that symbolises hope and stability — the firm's guiding values since inception.
Matterhorn's philosophy is anchored in the symbolism of its namesake peak — hope and stability. The firm follows a long-term, value-oriented investment approach for sustainable and profitable growth through a bouquet of public and private equity investments. The investment process is disciplined and strongly research-backed, with the goal of maintaining a portfolio of companies that have high-quality businesses and management teams with consistently superior performance, command a competitive advantage in their niche, and are available at reasonable valuations with multi-fold growth potential. The firm combines fundamental bottom-up equity research across public markets with private equity investing, believing that patient capital deployed in undervalued quality businesses compounded over long periods is the surest path to wealth creation.

Parag Jhawar
FMFund Manager – Matterhorn India Fund (Cat III) via Knightstone Capital Management LLP
Parag Jhawar has 21 years of experience in investment management and research. He is the co-founder of Knightstone Capital Management LLP, which is the designated fund manager of the Matterhorn India Fund (Category III AIF). Prior to Knightstone, he was Managing Director at Steinberg India Advisors for seven years, where he was involved in making and monitoring investments exceeding USD 200 million across consumer, retail, and financial services sectors. Before Steinberg, he worked for over four years at Pari Washington, an investment advisory firm managing over USD 300 million for US and European university endowments and family offices, deploying capital in mid-sized Indian companies as part of a core five-member investment team. He also worked at Boston Avenue Capital LLC (Tulsa, Oklahoma) and at McKinsey & Company for two years early in his career. He holds an MBA from IIM Ahmedabad and a B.Com. (Honours) from Shri Ram College of Commerce, Delhi University.

Sushil Kumar Agarwal
Founder
Sushil Kumar Agarwal is a highly accomplished entrepreneur and business leader with over two decades of rich experience in the financial industry. Prior to co-founding Matterhorn Investment Advisors in May 2023, he was the Founder, MD & CEO of Aavas Financiers Limited, a leading affordable housing finance company. Under his leadership, Aavas grew exponentially to become a publicly listed HFC with INR 15,000 Cr AUM. Earlier in his career he held impactful senior leadership tenures at AU Small Finance Bank, ICICI Bank Limited, and Kotak Mahindra Prime Limited. He is a CA gold medallist and merit holder, a qualified Company Secretary, and has completed the Owner/President Management Program (OPM) from Harvard Business School. He won the 'EY Entrepreneur of The Year 2020' award in the Financial Services category and is a member of the Young Presidents' Organization (YPO), Rajasthan Chapter.

Arvind Tungaria
Founder
Arvind Tungaria is a seasoned finance professional and Chartered Accountant with over 20 years of rich experience. He co-founded Matterhorn Investment Advisors in May 2023 alongside Sushil Kumar Agarwal. Prior to Matterhorn, he served as Executive President at AU Small Finance Bank in the Secured Business Loans department for over a decade, driving strategic initiatives and fostering growth. Before AU Small Finance Bank, he worked in mortgage credit at ICICI Bank for five years and gained experience at Ruchi Soya Industries Limited and Gujarat Ambuja Exports Limited earlier in his career. He holds a CA qualification and his strengths lie in strategic vision, effective communication, and adept problem-solving in secured lending and financial management.
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Aditya Goyal
Investment Professional – Matterhorn India Opportunity Fund (Cat II)
Aditya Goyal is a young professional with seven years of work experience across multiple industries. He joined Matterhorn in 2023 in its early stage and works on private and public markets research and investments. Prior to Matterhorn, he served as AVP at Aavas Financiers Ltd., working on business strategy, market research, product, and large-scale digital transformation projects. He has also worked in Corporate Business Development at Blackbuck (logistics startup) and in Applications Engineering at Oracle India. He holds internship experience with the Aditya Birla Group Leadership Program and Flipkart. He holds a B.E. from BITS Pilani, Goa Campus (2015) and an MBA in Finance & Marketing from XLRI, Jamshedpur (2019), and led the Finance Association and Football team at XLRI.

Shruti Tiwari
Investment Professional – Matterhorn India Opportunity Fund (Cat II)
Shruti Tiwari is a distinguished professional with over 20 years of experience. She holds qualifications as a Chartered Accountant, Master in Finance and Control, EPYP from IIM Calcutta, NET certification, and AIF NISM-Series-XIX-C certification. Her career began at Genpact as a Revenue Assurance professional for CREDITEK and Westpac (USA). She later joined The IIS Deemed to be University as an Assistant Professor and Programme Coordinator for a unique B.Com (Hons) course with proficiency in CA and CS — launched for the first time at an Indian university. She has been an active researcher, member of the Board of Studies at the university, guest speaker, has international publications, and has presented papers at national and international conferences on Risk & Return Analysis, Women Empowerment and Inclusive Growth, and Foreign Direct Investment. She was also previously associated with R. Shandilya & Co. (CA firm) on taxation and audit.

Vikas Jain
Compliance Officer – Matterhorn Investment Advisors LLP
Vikas Jain is a seasoned professional with over two decades of experience spanning compliance, leadership operations, and protocol management. He serves as the Compliance Officer at Matterhorn Investment Advisors LLP, playing a pivotal role in ensuring regulatory adherence and operational governance. Previously he held senior roles at Aavas Financiers Ltd. and Rajasthan Patrika Pvt. Ltd., leading leadership operations and protocol management and providing high-level support to top executives through strategic scheduling, communication management, and project coordination. He also gained early foundations in finance at Siyaram City Cabs.

Ayush Agarwal
Investment Professional – Matterhorn India Opportunity Fund (Cat II)
Ayush Agarwal is an investment professional at Matterhorn, focused on research and investments in the Matterhorn India Opportunity Fund (Category II AIF).

Rahul Agarwal
Investment Professional – Matterhorn India Opportunity Fund (Cat II)
Rahul Agarwal is an investment professional with five years of diverse industry experience. He joined Matterhorn in 2024 and focuses on research and investments across public and private markets. Prior to Matterhorn, he was a Finance Manager at R.K. Textiles, Jaipur, working on business strategy, hedging strategy, sales, and banking operations. He also gained experience through internships at AU Small Finance Bank and Viacom18. He holds a BBA with a specialisation in Finance from NMIMS Mumbai (Class of 2020) and has successfully cleared two levels of the CFA program.

Pulkit Goyal
Investment Research – Matterhorn India Opportunity Fund (Cat II)
Pulkit Goyal is a passionate young investment research professional at Matterhorn, adept at industry trend research across sectors and analysis of mainboard and SME IPOs. He holds a B.Com. (Hons.) degree in Accounting from Manipal University, Jaipur and is part-qualified in the ACCA Qualification (UK). He interned at EY in 2021, gaining experience in analysing financial statements and audit reports and ensuring compliance with audit standards. He has played football at District Level in Rajasthan.

Gazal Gupta
Legal Counsel – Matterhorn Investment Advisors LLP (joined 2025)
Gazal Gupta is a dedicated legal professional with a global perspective shaped by experience in India, Laos, Singapore, and the United Kingdom. She joined Matterhorn in 2025 as Legal Counsel, bringing a strong foundation in corporate and commercial law complemented by litigation expertise as an enrolled Advocate at the Rajasthan High Court. She holds an LL.M. in Corporate and Commercial Law (specialisation in Fintech) from the London School of Economics and Political Science, and a B.A. LL.B. (Hons.) from Manipal University Jaipur (9.5 CGPA). She is also a Level 1 Mediator accredited by the Singapore International Mediation Institute. She previously interned at the Competition Commission of India and worked as a Legal Associate at Varidus Asia Pacific Ventures (Singapore), assisting in establishing Variable Capital Companies under Singapore law.

Ashi Atre
Investment Professional – Matterhorn India Opportunity Fund (Cat II)
Ashi Atre is an investment professional with experience spanning credit underwriting, risk management, and investment analysis across industries. At Matterhorn, she is responsible for managing investments across sectors in private markets and public equities, with a focus on thematic research, opportunity evaluation, and portfolio construction. Previously she was part of the Investments team at Trifecta Capital, where she worked on evaluating venture debt investments, engaging with DFIs for fundraising, and building portfolio monitoring systems. Prior to that, at Caspian Impact Investments, she participated in due diligence and credit appraisal processes and portfolio management for early-stage impact startups, managing a INR 350 Cr portfolio and helping embed ESG frameworks into credit evaluation. She is a Chartered Accountant, CFA Level I qualified, and holds a BCom from Rajasthan University.

Meha Sankhla
Investment Analyst – Matterhorn India Opportunity Fund (Cat II)
Meha Sankhla is a Chartered Accountant (cleared in first attempt) and investment analyst with a solid foundation in finance and capital markets. She focuses on research and investments across public markets, specialising in IPO analysis and equity research. She has evaluated over 150 IPOs across Mainboard and SME platforms. She is currently pursuing an MBA from NMIMS and has also cleared the NISM Series XIX-C AIF Manager Certification. She holds a BCom from St. Xavier's College (scored 100/100 in Business Budgeting) and has strong financial modelling and valuation capabilities.

Kiran Gadge
Investment Analyst – Matterhorn India Fund (Cat III) via Knightstone Capital Management LLP
Kiran Gadge works at Knightstone Capital Management LLP, the fund manager of the Matterhorn India Fund (Category III AIF). He has a combined working experience of over three years across marketing research and investment banking roles. He worked at Nailbiter and Fuel Intelligence as a Research Analyst, providing customer insights to top CPG clients. Before that, he was an Analyst at eClerx, managing Morgan Stanley's collateral at various Central Counterparty Clearinghouses (CCPs).

Vatsal Shah
Investment Analyst – Matterhorn India Fund (Cat III) via Knightstone Capital Management LLP
Vatsal Shah works at Knightstone Capital Management LLP, the fund manager of the Matterhorn India Fund (Category III AIF). Prior to joining Knightstone, he worked at Deutsche Bank as a Corporate Banking Analyst handling risk management and opening of FPI accounts in the custody department. Earlier he interned with Knightstone Capital for about a year while pursuing his graduation and CFA Level 1, focusing on the BFSI sector.

Prakash Diwan
Advisor
Prakash Diwan is an Advisor to Matterhorn Investment Advisors LLP, with over 25 years of distinguished experience in capital markets spanning mutual funds, institutional broking, venture capital, investment banking, and family offices. He is widely recognised as a leading equity market authority, frequently sought by major digital and print media for insightful commentary and stock selection. His career includes successful stints at Prudential ICICI Asset Management, Principal Financial Group, and Way2Wealth. His last engagement was over a decade at Altamount Capital Management — a cross-border multi-family office based around the UK — where he played a key role in advising and helping set up family offices for clients using a global platform. His ability to uncover potential in undiscovered stocks has garnered him a strong following among investors.