Mutual Funds in India: AUM Nears ₹66 Lakh Crore, Retail Share at Decade High

• Sai Krishna Muthyanolla

TL; DR: Mutual funds in India have grown rapidly, with AUM touching nearly ₹66 lakh crore by March 2025, almost tripling in the last five years. Retail and HNI participation are rising, reshaping India’s savings culture and reducing reliance on traditional instruments.

Context:
The mutual fund space in India is evolving within a financial ecosystem that has shifted considerably over the past decade. Mutual funds in India have surged in popularity, and Assets Under Management (AUM) grew to nearly ₹66 lakh crore by March 2025. The shift is primarily driven by changing consumer preferences toward market-linked, accessible, long-term wealth creation via SIPs.

Who compiles this data?
Data on Mutual Funds’ Assets under Management (AUM) is primarily compiled and maintained by the Securities and Exchange Board of India (SEBI). Additionally, the Reserve Bank of India (RBI) publishes this information each year in its Handbook of Statistics on the Indian Economy.

Where can I download clean & structured data related to Indian Mutual Fund Industry?
Clean, structured, and ready-to-use datasets of Assets under management of Mutual Funds can be downloaded from Dataful. This collection also comprises other important time-series data on the Indian Economy, as compiled by the RBI.

Key Insights

• The Assets under Management (AUM) of mutual funds expanded significantly, rising from ₹4.9 lakh crore in March 2009 to nearly ₹66 lakh crore by March 2025. Notably, the AUM has almost tripled in just the past five years, increasing from ₹22.3 lakh crore in 2020.

• The unit holding composition of mutual funds has also undergone a marked shift. In 2013–14, corporates dominated with nearly half the share, followed by high-net-worth individuals (HNIs) at 30% and retail investors at 19%. By 2023–24, however, corporates and HNIs each held 36%, while retail investors’ share rose to 28%, the highest in the past decade, even as the corporate share hit its lowest.

Why does it matter?
The surge in AUM and shifting holding patterns show how mutual funds are reshaping India’s savings culture. With rising retail and HNI participation, they reflect growing financial awareness, reduced reliance on traditional savings, and the emergence of mutual funds as a key investment avenue.

Key numbers:

• AUM of Mutual Funds
  ₹ 4.2 Lakh Crore (2009)→ ₹ 12.3 Lakh Crore (2016)→ ₹ 65.7 Lakh Crore (2025)

• Unit Holding Pattern of Mutual Funds
  2013-14: (Corporates- 49%, HNIs- 30%, Retail Investors- 18%)
  2018-19: (Corporates- 41%, HNIs- 32%, Retail Investors- 26%)
  2023-24: (Corporates- 36%, HNIs- 36%, Retail Investors- 28%)