What Groww Asset Management does

Groww Asset Management Limited is an Indian asset management company operating as a subsidiary of Billionbrains Garage Ventures, the parent of the Groww retail investment platform. Originally established as Indiabulls AMC and acquired by Billionbrains in 2023 for Rs 175 crore, the entity was rebranded to Groww Asset Management and now manages mutual fund products across four primary categories: equity, debt, hybrid, and index funds/ETFs. The AMC manages Rs 4,200 crore in assets under management as of January 2026, up from Rs 342 crore at the time of the 2023 acquisition, and serves the long tail of Indian retail investors primarily through the Groww platform with supplementary distribution via KFintech, Karvy, MF Central, and independent financial advisors. The company holds ISO/IEC 27001:2022 certification for information security management and operates from a corporate office in Mumbai with a registered office in Bangalore.

The business model is fee-based: revenue is generated through management fees (Total Expense Ratios) charged against AUM, with the blended fee rate a function of product mix — passive products (ETFs, index funds) carry materially lower TERs than active equity products. The company benefits from a structurally low customer acquisition cost via the captive Groww platform, which transacts 2+ crore users. Investment management is performed by a team led by Head of Equity Anupam Tiwari and fund managers Paras Matalia, Shashi Kumar, and Wilfred Gonsalves.

In January 2026, State Street Global Advisors invested Rs 580 crore ($65 million) for a 23% stake, valuing the AMC at Rs 2,500–2,600 crore. SEBI cleared the transaction in June 2026 subject to a regulatory 4.99% voting-rights cap on SSGA's holding. The company is also pursuing acquisition of PGIM India Asset Management, a move that would substantially expand AUM and product breadth if completed. Combined, these moves position Groww Asset Management as an aggressive consolidator in India's mid-tier AMC landscape.

Name

Groww Asset Management

Legal name

Groww Asset Management Limited

Website

https://www.growwmf.in

Company type

Private

Founded year

2008

Operating status

Operating

Short description

Groww Asset Management Limited is an Indian asset management company (formerly Indiabulls AMC) offering mutual funds across equity, debt, hybrid, and ETF categories. A subsidiary of Groww (Billionbrains Garage Ventures), it manages Rs 4,200 crore in AUM as of January 2026 and serves retail investors primarily through the Groww platform.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

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

SIC

Investment Advice (6282)

akta.pro primary industry

Financial Services / Fintech Growth Equity (FSANACAE)

akta.pro secondary industry

Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF)

Keywords

• Asset management
• Mutual funds
• Index funds
• Exchange traded funds
• Portfolio management

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Mutual Fund Management Fees: Groww AMC generates revenue through asset management fees charged on assets under management (AUM). The company earns expense ratios on its mutual fund schemes including equity funds, debt funds, hybrid funds, and ETFs. AUM grew from Rs 342 crore (when acquired from Indiabulls in 2023) to Rs 4,200 crore, representing significant growth in the revenue base.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Groww Asset Management Limited operates as an asset management company that creates and manages open-ended mutual fund schemes across four categories: Equity, Debt, Hybrid, and ETFs/Index Funds. Funds are offered in both regular and direct plan formats and distributed primarily through digital channels including the Groww investment platform, empanelled financial advisors, KFintech, MF Central, and Karvy Fintech, targeting individual retail investors in India.

Product overview

Groww Mutual Fund operates as an asset management company offering mutual fund products across four categories: Equity, Debt, Hybrid, and ETFs, available in both regular and direct formats. The product portfolio includes index funds tracking indices like Nifty Smallcap 250, Nifty Total Market, Nifty PSU Bank, Nifty Private Bank, and Nifty Next 50; actively managed equity funds such as Large Cap, Value, and ELSS Tax Saver; sector funds including Banking and Financial Services; thematic ETFs focused on EV and New Age Automotive; arbitrage funds for low-volatility returns; and the pilot Groww Prime recommendation service. The company manages approximately Rs 4,200 crore in AUM (as of early 2026) and follows a Double Impact Resilience Matrix investment philosophy combining rigorous fundamental stock selection with dynamic portfolio management.

Differentiator

Problem solved

Functional benefit

Products and services

• Groww Nifty Smallcap 250 Index Fund Index fund that tracks the Nifty Smallcap 250 Index, providing exposure to small-cap stocks through a systematic investment approach for retail investors.
• Groww Banking and Financial Services Fund Sector fund focused on banking and financial services companies that fuel the Indian economy.
• Groww NIFTY Total Market Index Fund
• Groww Nifty EV & New Age Automotive ETF
• Groww Large Cap Fund
• Groww Value Fund
• Groww ELSS Tax Saver Fund
• Groww Arbitrage Fund Arbitrage fund generating returns through hedged strategies exploiting price differences between cash and derivatives markets with low volatility.
• Groww Nifty Private Bank ETF Passive ETF tracking the Nifty Private Bank Index providing exposure to India's private banking segment.
• Groww Nifty PSU Bank Index Fund Index fund tracking the Nifty PSU Bank Index focused on government-owned banks for public sector banking exposure.
• Groww Nifty PSU Bank ETF Passive ETF tracking the Nifty PSU Bank Index offering exposure to state-run lenders including State Bank of India, Bank of Baroda, and Canara Bank.
• Groww Nifty Next 50 ETF ETF tracking the Nifty Next 50 Index providing exposure to companies ranked just below the Nifty 50.
• Groww Smallcap Fund Small-cap equity fund benchmarked to Nifty Smallcap 250 Index aiming for long-term capital appreciation through bottom-up stock selection.
• Groww Nifty Smallcap 250 ETF ETF tracking the Nifty Smallcap 250 Index providing direct exposure to small-cap stocks.

Quantifiable outcome

• AUM grew from Rs 342 crore (2023) to Rs 4,200 crore (2026), representing over 12x growth
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

One partnership is on record.

• Edelweiss Asset ManagementminorOthers · 30 January 2026Groww Asset Management was among bidders (along with Edelweiss Asset Management) for Prudential Financial Inc.'s India asset management arm PGIM India Asset Management. The potential transaction indicates competitive interest in India's asset management sector consolidation. Discussions are ongoing and no agreement has been reached.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Kotak Mahindra Asset Management: Bank-led Indian AMC with strong digital onboarding and a comparable mix of active and passive products, making it one of the closest direct parallels to Groww AMC's bank-tied, tech-led distribution model.
• Nippon Life India Asset Management: Mid-sized Indian AMC with strong retail and passive presence, comparable to Groww AMC in scale tier and product breadth across active equity, debt and ETF categories.
• DSP Asset Managers: Mid-sized Indian AMC with a philosophy-driven, research-led approach and a comparable multi-category product mix, providing a useful scale and positioning benchmark for Groww AMC.
• Axis Asset Management: Tech-forward, growth-oriented Indian AMC with a similar emphasis on digital distribution and product innovation across active and passive categories.
• Motilal Oswal Asset Management: Indian AMC with a thematic and index-focused product mix (including ETFs and smallcap strategies) that closely overlaps Groww AMC's passive and sector-fund expansion strategy.

Broad incumbents

• ICICI Prudential Asset Management: Large, diversified Indian AMC with broad retail distribution and a full equity/debt/hybrid/ETF shelf, representing the established players Groww AMC competes against for share of wallet.
• HDFC Asset Management: Largest retail-facing Indian AMC with deep multi-category offerings; serves as the dominant incumbent benchmark Groww AMC is attempting to disrupt via digital distribution.
• Aditya Birla Sun Life AMC: Established Indian AMC with a large retail book across equity, debt and hybrid categories; competes with Groww AMC for retail investor wallet and advisor shelf space.
• UTI Asset Management: Public-sector-affiliated Indian AMC with broad retail penetration and a full product shelf; competes for the same retail and advisor-driven inflows Groww AMC is targeting.
• SBI Mutual Fund: India's largest AMC by AUM, with a comprehensive product range and unmatched branch-led distribution; represents the scale ceiling Groww AMC is targeting through its digital-first model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors1 record

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 Groww Asset Management