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An AMFI report reveals where most of the country’s investments are actually coming from. Spoiler: the gap between metros and the rest is wider than you think.
India’s mutual fund story is not just about growth, it’s about where that growth is coming from. And according to the latest data from AMFI and Crisil Intelligence, there’s a clear winner: just five cities are responsible for over 52 per cent of all mutual fund assets under management (AUM) in the country.
Let’s name names.
The big five
Here’s the city-wise AUM contribution as of March 2025:
- Mumbai: 27.01 per cent
- New Delhi: 12.63 per cent
- Bengaluru: 5.39 per cent
- Pune: 4 per cent
- Kolkata: 3.49 per cent
Together, they account for 52.52 per cent of the country’s total MF assets.
And the rest of India?
The next 10 cities contribute 12.61 per cent.
The next 20: 5.48 per cent.
The following 75: only 6.53 per cent.
This distribution has barely budged since last year. Even with the rise of SIPs from smaller towns and the B30 push, India’s mutual fund revolution is still largely an urban metro story.
What about age-wise trends?
Investor preferences also vary significantly with age. Here’s what the FY2025 data reveals:
- Younger investors (25–44 years) are equity-heavy, and rightly so. 60 per cent of their assets are going towards equity funds—a big jump from 36 per cent in FY2020.
- Older investors (between 45 and 58) are even more equity savvy. 66 per cent of their net investments are in equity funds, and about 11 and 16 per cent are in hybrid and debt schemes.
The last word
The Indian mutual fund industry has grown by leaps and bounds in recent years. But if you remove the top five cities, it’s clear we’re still scratching the surface when it comes to nationwide participation.
The next phase of growth will come from empowering smaller cities with access, awareness and advice. Not just SIPs—but smart, goal-aligned investing.
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Try Fund AdvisorThis article was originally published on July 11, 2025.
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