The inflows follow an investment of over Rs 1.71 lakh crore in such funds in 2017-18, according to the data from the Association of Mutual Funds in India (Amfi).
The strong inflow pushed the asset base of equity mutual funds (MFs) by more than 6 per cent to Rs 8 trillion by May-end from Rs 7.5 trillion at end-March.
Equity and equity-linked saving schemes saw an inflow of Rs 12,409 crore in April and another Rs 12,070 crore in May, taking the total to Rs 24,479 crore in the current fiscal.
"The investors are increasingly becoming mature about market volatility. In spite of a heavy drop in mid-cap, small-cap, the investment in equity continued.
"Investors are increasingly opting for Systematic Investment Plan (SIP), thanks to the awareness campaigns by mutual fund industry body Amfi and wide adoption of online platforms or apps," said Harsh Jain COO at Groww, an online MF investment platform.
Vidya Bala, head of mutual fund research at FundsIndia.com said, "Equity funds saw marginally higher inflows on a gross basis in May but saw higher redemptions in May compared with April. The fall in the mid-cap space by 8 per cent in one month may be one of the reasons for investors redeeming on panic".
SIP is an investment vehicle that allows investors to put money in small amount periodically instead of lump sum payment. The frequency of investment is usually weekly, monthly or quarterly. It is similar to a recurring deposit where investors deposit a small or fixed amount every month.
Overall, investors have put in a net sum of over Rs 87,000 crore in mutual fund schemes during the first two months of the ongoing financial year.
However, in March, redemptions of Rs 50,752 crore were seen due to a new tax on long-term equity gains.
The mutual fund industry, comprising 42 players, manages assets to the tune of Rs 22.6 lakh crore currently.