Fintech AMCs: Groww, Navi, Zerodha diversify revenue with asset management

New generation fintech asset management companies (AMCs) have grown their assets under management (AUM) in the last one year swimming against the tide in a sector dominated by banks and traditional wealth management firms.

While the broader slowdown in the mutual fund industry did take out the wind from the sails in the last quarter for the likes of Groww Mutual Fund, Zerodha Fund House and Navi Mutual Fund, these fintechs grew between 10 to 50% every quarter.

Groww MF doubled its AUM in the last one year closing March 2025 with Rs 1,547 crore in AUM. While it reported a flat growth in the March quarter, between September and December quarters its AUM grew 46%, data showed.

Similarly, Zerodha grew its assets base almost nine times between March 2024 and 2025, reaching Rs 4,854 crore. Between September and December quarters, it grew at 46% and over the next quarter it grew only 26%.

For Navi MF, AUM grew at 1.7% between December and March from almost 6% between October and December. Navi MF is at Rs 7,120 crore up 44% from just shy of Rs 5,000 crore a year back.

According to Association of Mutual Funds of India (AMFI) data, equity inflow into mutual funds in March stood at Rs 25,082 crore, an 11-month low. Between March 2024 and 2026, the overall assets in the mutual fund industry jumped 21.2% to Rs 66 lakh crore from around Rs 55 lakh crore.