Launch pipeline stayed elevated, even vs CY2024: The Indian mutual fund industry launched 245 New Fund Offers (NFOs) in 2025, marginally higher than 239 NFOs in 2024, indicating fund houses kept the launch pipeline active even as investor sentiment turned more cautious.
Fund mobilisation cooled sharply vs last year: CY2025 raised ₹67,660 Cr, materially lower than ₹1,18,519 Cr in CY2024 (≈ 43% decline YoY)—signalling more cautious participation and weaker broad-based demand versus the prior year’s stronger collection cycle.
Collections in 2025 were clearly window-driven: Jul’25 alone raised ₹30,416 Cr across 30 New Fund Offers (~45% of the full-year total), while most other months saw only moderate mobilisation—underscoring selective, concentrated inflows, unlike the more broadly supported fundraising environment seen in 2024.
Thematic dominated collections, while passive ruled the launch pipeline: Sectoral/Thematic Funds emerged as the biggest mobilisation driver at ₹22,575 Cr from 37 New Fund Offers, reflecting strong “story-led” buying. In contrast, Index Funds (77 NFOs) and ETFs (73 NFOs) accounted for the bulk of launches, but attracted relatively lower collections (₹6,520 Cr and ₹651 Cr), highlighting that passive was volume-led, not ticket-size led.
Top-heavy year led by one breakout AMC: Across 245 New Fund Offers from 45 AMCs, mobilisation was sharply concentrated—Jio BlackRock alone raised ~₹20,000 Cr from 10 NFOs (roughly ~30% of 2025 collection). Overall, the five AMCs—Jio BlackRock, ICICI Prudential, Kotak Mahindra, HDFC and Franklin Templeton collected ~half (~52%) of the year’s mobilisation.
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