Top five fund houses drove 58% of folio growth in FY25: Amfi data

Nippon, HDFC, Motilal Oswal, ICICI Prudential, and SBI led folio growth with 31.6 million new accounts in FY25, backed by equity fund performance and new offerings

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Five fund houses—Nippon India, HDFC, Motilal Oswal, ICICI Prudential, and SBI—added more investment accounts (folios) than the rest of the players in the financial year (FY) 2025.

 

The five fund houses added a net of 31.6 million accounts in FY25, accounting for 58 per cent of the total additions of 54.9 million, shows data from the Association of Mutual Funds in India (Amfi).

 

The strong pace of folio additions by the select players came on the back of strong performances in the equity space, distribution strength, and new fund launches. 

 

While Nippon, HDFC, ICICI Prudential, and SBI have been among the top in terms of folio additions owing to their distribution might and equity fund performances, Motilal Oswal entered the top five list riding on its equity fund performance and multiple new fund offerings (NFOs). Its folio count grew at the fastest pace among the top 20 fund houses as the tally jumped over three-fold in FY25 to 9.4 million.

 

Tata, Quant, Kotak Mahindra, Aditya Birla Sun Life, and Parag Parikh Financial Advisory Services (PPFAS) were the other fund houses in the top 10.

 

Overall, Nippon, ICICI Prudential, HDFC, SBI, and Axis had the most number of investment accounts at the end of the year. 

 

Only two players—PGIM India and Sundaram—witnessed a de-growth as their folio count declined by 0.1 million each in FY25. 

Gaining big: Fund houses that added most folios in FY 2025

 

	Total folios as of March 2025 (million)	YoY growth
Fund house		in million	in %
Nippon India	32.5	8.2	34
HDFC	23.3	6.7	40
Motilal Oswal	9.4	6.4	216
ICICI Prudential	25.8	5.9	29
SBI	19.1	4.5	31
Tata	7.9	2.6	48
Quant	8.7	2.4	38
Kotak Mahindra	9.9	2.1	27
Aditya Birla Sun Life	10.6	2.0	23
PPFAS	4.9	1.5	45

Source: AMFI