Zerodha Asset Management Private Limited

What Zerodha Asset Management Private Limited does

Zerodha Asset Management Private Limited, operating as Zerodha Fund House, is a SEBI-registered (MF/080/23/06) mutual fund Asset Management Company incorporated in 2021 in Karnataka, India, with its registered office on Richmond Road, Bangalore. The company is a wholly-owned subsidiary of Zerodha Broking Limited, India's largest discount broker with 14+ million registered users, and functions as the passive-investing vertical of the Zerodha group. It employs 11–50 people and reports total Assets Under Management of over ₹16,000 Cr across all schemes, serving 11+ lakh investors spread across 16,000+ Indian pincodes.

The product platform is built entirely around passive investing, comprising index funds tracking Nifty 50, Nifty LargeMidcap 250, Nifty Midcap 150, Nifty 100, Nifty Smallcap 100, and BSE SENSEX benchmarks; equity, debt, commodity (gold/silver), and liquid ETFs; Fund of Funds wrappers over those ETFs; and curated Model Portfolios. Notable technical/proprietary components include India's first target-date mutual fund series — Zerodha Life Cycle Funds (2036/2041/2046/2051 maturities) that automatically glide asset allocation from equity/commodity toward debt/arbitrage as the target year approaches — a WhatsApp-based investing channel using UPI for payments and end-to-end encryption, a Minor Account feature (no child PAN required), and tight index replication demonstrated by a 0.04% tracking error on the Nifty LargeMidcap 250 Index Fund.

The revenue model is a pure asset-management fee business: the AMC charges an expense ratio on AUM (e.g., 0.34% on the flagship Nifty LargeMidcap 250 Index Fund), with all schemes distributed exclusively as Direct Plans — no agents, no commissions, and zero transaction charges across any platform. Distribution is entirely digital and channel-partner-based, including Coin by Zerodha, smallcase, Groww, Kuvera, Paytm Money, IND Money, CAMS Online, MFU, and MFC, plus the proprietary WhatsApp investing channel. The customer base is exclusively retail/individual investors (no institutional or enterprise clients named), with CAMS acting as the Registrar and Transfer Agent.

Name

Zerodha Asset Management Private Limited

Legal name

Zerodha Asset Management Private Limited

Website

https://zerodhafundhouse.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Zerodha Fund House is the passive-investing mutual fund arm of Zerodha Broking, offering index funds, ETFs, FoFs, model portfolios, and India's first target-date Life Cycle Funds to retail Indian investors via a direct-only, digital-first distribution model.

Ownership category

akta.pro rank

Product category

Passive Asset Management

NAICS

Open-End Investment Funds (525910), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Index Mutual Funds (Non-ETF) (FSAAAEAE)

akta.pro secondary industries

Fixed Income Mutual Funds (FSAAAEAB), Money Market Funds (FSAAAEAC)

Keywords

• Passive mutual funds
• Index fund management
• Exchange traded funds
• Asset management services
• Target date funds

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees (Expense Ratio): Zerodha Fund House generates revenue by charging an expense ratio on Assets Under Management (AUM). The expense ratio covers AMC fees, Registrar and Transfer Agent fees, Custodian fees, and other operational costs. As an AMC offering only Direct Plans with no agents, the expense ratios are kept low (e.g., 0.34% for the Zerodha Nifty LargeMidcap 250 Index Fund). Returns are post-deducting applicable expenses.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Zerodha Fund House operates as a SEBI-registered mutual fund asset management company offering a suite of passive investment products for Indian retail investors, including index funds, exchange-traded funds (ETFs), fund of funds (FoFs), model portfolios, and India's first target-date mutual funds (Life Cycle Funds). All funds are distributed as Direct Plans only through digital platforms with no agents or transaction charges, generating revenue through low expense ratios on Assets Under Management.

Product overview

Zerodha Fund House (Zerodha Asset Management Private Limited) operates as a mutual fund Asset Management Company offering a comprehensive suite of passive investment products. The product portfolio consists of Index Funds (tracking Nifty 50, Nifty LargeMidcap 250, Nifty Midcap 150, Nifty 100, Nifty Smallcap 100, BSE SENSEX), Exchange Traded Funds (ETFs) covering equity, debt, and commodities (Gold, Silver), Fund of Funds (FoFs), and Model Portfolios for goal-based investing. The company pioneered India's first target-date mutual funds called Life Cycle Funds (2036, 2041, 2046, 2051 maturities) that automatically rebalance asset allocation over time. Digital engagement channels include WhatsApp investing, SIP calculators, live commodity price trackers, KYC status checker, and ETF iNAV summaries. All funds are distributed through direct plans only on platforms including Coin by Zerodha, smallcase, Groww, Kuvera, Paytm Money, IND Money, CAMS Online, MFU, and MFC.

Differentiator

Problem solved

Functional benefit

Products and services

• Index Funds Passively managed mutual funds that track specific benchmark indices including Nifty 50, Nifty LargeMidcap 250, Nifty Midcap 150, Nifty 100, Nifty Smallcap 100, and BSE SENSEX. Designed for Indian retail investors seeking broad market exposure with low expense ratios and transparent index-based investing.
• Exchange Traded Funds (ETFs) Funds traded on Indian stock exchanges tracking equity indices (Nifty 50, Nifty 100, Nifty Midcap 150, Nifty Smallcap 100), debt indices (Nifty 8-13 Yr G-Sec), commodities (Gold, Silver), and liquid assets (Nifty 1D Rate Liquid). Designed for investors seeking intraday liquidity and exchange-based price discovery.
• Fund of Funds (FoFs) Funds that invest in underlying mutual funds or ETFs, including Gold ETF FoF, Silver ETF FoF, Multi Asset Passive FoF, and Life Cycle Funds, providing Indian retail investors with diversified single-investment access to multiple asset classes and strategies.
• Model Portfolios Curated baskets of funds and ETFs for goal-oriented investing including Milestone Target Date portfolios (2030-2060), Asset Allocation portfolios (Equity & Gold 70/30, All-in-1, 3-in-1 Multi Asset), and Tracker portfolios (Large & Midcap, Midcaps & Gold, Equity Multicap, Precious Metals). Designed for retail investors seeking simplified, pre-built portfolio construction.
• Zerodha Nifty LargeMidcap 250 Index Fund Flagship index fund tracking the Nifty LargeMidcap 250 index with equal allocation between the top 100 largecap and 150 midcap companies. AUM of ₹1,488 Cr, expense ratio of 0.34%, minimum investment of ₹100, and a tracking error of 0.04%. Suitable for long-term Indian investors seeking balanced large-midcap market exposure.
• Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund Equity-linked savings scheme tracking the Nifty LargeMidcap 250 index with a mandatory 3-year lock-in period providing tax benefits under Section 80C of the Indian Income Tax Act. Minimum investment of ₹500. Designed for Indian taxpayers seeking tax-advantaged equity market exposure.
• Zerodha Life Cycle Funds India's first target-date mutual funds with built-in maturity years (2036, 2041, 2046, 2051). Asset allocation automatically shifts from growth-oriented (equity, commodity) to conservative (debt, arbitrage) as the target year approaches, with no tax on internal rebalancing and equity fund tax treatment throughout. Designed for goal-based Indian investors with specific time-bound financial objectives such as retirement, child education, or major purchases.
• Gold and Silver ETFs and FoFs Commodity ETFs and Fund of Funds providing Indian retail investors exposure to gold and silver without physical storage hassles. Includes Zerodha Gold ETF (₹2,141 Cr AUM), Zerodha Silver ETF (₹1,108 Cr AUM), and their respective FoF variants. Designed for portfolio diversification and inflation hedge.
• Debt and Liquid Funds Fixed income mutual funds and ETFs including Zerodha Overnight Fund, Nifty Short Duration G-Sec Index Fund, and Nifty 8-13 Yr G-Sec ETF for Indian investors managing idle cash, parking short-term surpluses, and seeking government securities exposure. Includes Zerodha Nifty 1D Rate Liquid ETF with ₹9,580 Cr AUM.
• WhatsApp Investing Channel Digital-first investing channel enabling Indian retail investors to invest, track, and manage Zerodha Fund House mutual fund investments through WhatsApp messaging with end-to-end encryption. Supports SIP setup, one-time investments, and portfolio tracking using UPI payments (up to ₹2 lakhs per day). Currently limited to individual single-holder folios.

Quantifiable outcome

• Tracking error of 0.04% for Zerodha Nifty LargeMidcap 250 Index Fund indicating high index replication accuracy
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Five partnerships are on record, tiered core and major.

• Coin by ZerodhacoreChannel Partner/ Reseller/ DistributorCoin by Zerodha is Zerodha's proprietary mutual fund investment platform where investors can invest in all Zerodha Fund House schemes directly. Zero transaction charges for investing.
• smallcasemajorChannel Partner/ Reseller/ Distributorsmallcase is a portfolio investment platform that offers curated ETF portfolios including Zerodha ETFs. Anugrah Shrivastava, Founder & Chief Product Officer at smallcase, serves as an Associate Director on the Zerodha Fund House board, indicating a strategic relationship.
• GrowwmajorChannel Partner/ Reseller/ DistributorGroww is one of India's largest mutual fund investment platforms listing all Zerodha Fund House schemes for investor access.
• KuveramajorChannel Partner/ Reseller/ DistributorKuvera is a digital mutual fund platform offering all Zerodha Fund House schemes with fee transparency features.
• CAMS (Computer Age Management Services)coreImplementation/ SI/ Consulting PartnerCAMS is the Registrar and Transfer Agent (RTA) for Zerodha Fund House schemes. They handle investor registrations, KYC processing, folios management, and transaction processing. Zerodha Fund House utilizes CAMS KRA for KYC services and CAMS online for account modifications.

Scale indicators7 records

Expansion highlights6 records

Direct peers

• Motilal Oswal AMC: Indian AMC with strong focus on passive index funds and ETFs, similar to Zerodha's niche specialization. Also offers direct plans and tracks the same Nifty/BSE benchmark indices, competing head-to-head for passive investors.

Broad incumbents

• HDFC AMC: One of India's largest AMCs by AUM offering both active and passive funds. Competes with Zerodha across all major index funds but has broader product portfolio, deeper institutional relationships, and significantly larger distribution.
• ICICI Prudential AMC: Large Indian AMC with extensive index fund and ETF offerings tracking the same benchmarks. Has established institutional and retail distribution including banking partner network that Zerodha lacks.
• Nippon India AMC: Major Indian AMC with comprehensive passive fund lineup. Offers competitive expense ratios and broad distribution including international feeder funds, competing directly with Zerodha's index and ETF range.
• UTI AMC: Public-listed Indian AMC with deep passive fund offerings including index funds tracking the same Nifty indices. Long history and broad distribution give it incumbent advantages in the categories where Zerodha competes.
• Aditya Birla Sun Life AMC: Large Indian AMC (formerly ABSLAMC) where fund manager Kedarnath Mirajkar previously worked. Offers competing index funds and ETFs with established distribution across bank and digital channels.
• SBI Mutual Fund: India's largest AMC by AUM with extensive passive fund offerings including index funds and ETFs. Backed by State Bank of India distribution network giving massive reach advantage over Zerodha.
• Kotak Mahindra AMC: Indian AMC offering a broad range of index funds and ETFs tracking the same benchmarks as Zerodha. Benefits from Kotak group's banking distribution network and broader product suite.

Emerging players

• smallcase: Thematic ETF portfolio platform and Zerodha strategic partner with founder Anugrah Shrivastava on the AMC board. Serves overlapping DIY investor base and offers curated portfolios that incorporate Zerodha ETFs.

Others

• Coin by Zerodha: Sister platform under Zerodha for mutual fund investing; primary distribution channel for Zerodha Fund House schemes. Listed across all major mutual fund AMCs, not exclusive to Zerodha AMC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/ZerodhaAMC
• YouTubeyoutube.com/@ZerodhaFundHouse
• LinkedInlinkedin.com/company/zerodha-fund-house
• Instagraminstagram.com/zerodhafundhouse

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zerodha Asset Management Private Limited