New Delhi: The Indian mutual fund industry’s November data point to a sustained structural shift in household savings and investment behaviour, with growth trends indicating deepening retail participation and increasing market maturity rather than a short-term cyclical surge.
Average assets under management (AAUM) stood at ₹81,31,764 crore in November, while assets under management (AUM) as on November 30 were ₹80,80,370 crore, as per the latest data compiled by the Association of Mutual Funds in India (AMFI). The gap between AAUM and month-end AUM reflects normal market movements, but the absolute size of assets highlights the scale the industry has reached after a decade of rapid expansion.
Over the last 10 years, industry AUM has risen from ₹12.95 trillion in November 2015 to ₹80.80 trillion in the same month this year, marking more than a six-fold increase. This long-term trajectory suggests a steady reallocation of household savings away from physical assets and bank deposits toward market-linked instruments.
The pace of growth has accelerated in the past five years, with assets nearly tripling from ₹30.01 trillion in November 2020, a period that coincided with increased digital adoption, wider product availability, and a sharp rise in systematic investing.
The milestone-based progression of the industry further underlines this trend. After crossing ₹10 trillion in May 2014, it took just over three years for assets to double and cross ₹20 trillion in August 2017. The next ₹10 trillion milestone was reached in November 2020, after which growth gathered momentum, culminating in AUM of over ₹80 trillion by November 2025. The shortening time span between successive milestones reflects both rising investor confidence and the compounding impact of sustained inflows.
Broad-based, Retail-led Growth
Folio data indicate that growth has been broad-based and retail-led. The total number of mutual fund folios reached 25.86 crore by the end of November 2025, compared with 10 crore folios in May 2021, the AMFI data says.
A significant proportion of these accounts, around 20.16 crore, are in equity, hybrid and solution-oriented schemes, highlighting the dominant role of individual investors rather than institutional flows in driving industry expansion. This trend aligns with published industry reports that point to growing participation from smaller cities and first-time investors.
Systematic investment plans have emerged as a key stabilizing force in this growth cycle. Regular SIP inflows through 2024 and 2025 helped cushion the impact of market volatility and ensured consistency in net inflows, particularly into equity-oriented schemes. At the same time, passive funds, hybrid strategies and solution-oriented products have seen rising allocations, suggesting gradual diversification in investor preferences as the market matures.
Regulatory developments and the entry of new asset management companies during the year also indicate confidence in the sector’s long-term prospects. Publicly available projections suggest that if current participation and inflow trends persist, the industry is likely to continue expanding at a pace that outstrips overall economic growth, supported by rising financial literacy, digitization and demographic factors.
The November 2025 data reinforce the view that India’s mutual fund industry has moved into a phase of structurally driven growth. The combination of sustained asset accumulation, rising folio counts and disciplined retail investing points to a durable trend rather than a transient upswing, positioning mutual funds as a central pillar of India’s evolving financial landscape.