Zerodha Fund House crosses ₹10,000 crore AUM in 2 years

Zerodha Fund House has crossed the ₹10,000 crore assets under management (AUM) mark within two years of its launch. The AMC, a joint venture between Zerodha and smallcase launched in November 2023, has expanded through individual investor participation only, without institutional money contributing to its scale.

In September 2025, the fund house had already surpassed ₹8,000 crore in AUM — a milestone Nithin Kamath had described as unusual due to its fully retail composition.

The firm said this trend has held steady, reinforcing its position that products can be built “for retail, by retail.”

The fund house has grown to more than 8 lakh investors, according to smallcase founder Vasanth Kamath, who shared the latest AUM update on LinkedIn. He said around 12% of these were first-time mutual fund investors, while 60% were based outside India’s top 30 cities.

One of the key contributors to the AMC’s scale has been LIQUIDCASE, its Nifty 1D Rate Liquid ETF. The product has grown to nearly ₹6,000 crore in AUM since its January 2024 launch, making it one of the fastest-expanding liquid ETFs in the country. The ETF is also positioned as the first in India to offer a growth NAV in the liquid category.

Nithin Kamath, in a post on X earlier, said the AMC’s direct-only structure and low-cost index approach had enabled its rapid adoption despite limited promotional activity. He noted that investors had cumulatively allocated ₹6,400 crore to the fund house’s schemes within 18 months of its first fund launch.

Zerodha Fund House currently offers only index-based funds and ETFs, all under direct plans, a model it says is central to its investor-first design.

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