The Indian mutual fund industry has reached unprecedented heights in 2025, with total Assets Under Management (AUM) crossing INR 77 lakh crore, marking a significant milestone in the country’s financial landscape. These Largest AMC in India play a pivotal role in channelling retail and institutional investor savings into diverse asset classes, helping millions participate in wealth creation through equity, debt, hybrid, and other funds.
What is an AMC & How Asset Management Companies in India Evolved?
The Indian Mutual Fund Industry’s Average Assets Under Management (AAUM) for July 2025 stood at INR 77,00,420 crore. The total Assets Under Management (AUM) as of 31 July 2025, reached INR 75,35,971 crore. Over the past decade, the industry’s AUM has seen more than a sixfold jump—from INR 13.17 lakh crore in July 2015 to INR 75.36 lakh crore in July 2025. In the last five years alone, AUM expanded about three times, increasing from INR 27.12 lakh crore in July 2020 to INR 75.36 lakh crore in July 2025.
The industry crossed the INR 10 lakh crore milestone in May 2014, doubled to over INR 20 lakh crore in August 2017, and surpassed INR 30 lakh crore by November 2020. As of 31 July 2025, the AUM stands at a new record of INR 75.36 lakh crore.
On the investor side, the total number of mutual fund folios rose to 24.57 crore by 31 July 2025, up sharply since crossing the 10 crore mark in May 2021. Of these, around 19.42 crore folios are in equity, hybrid, and solution-oriented schemes, reflecting maximum retail investor participation.
List of 10 Largest AMC in India by AUM
| Sr. No. | AMC Name | Total AUM (INR Cr) |
|---|---|---|
| 1 | SBI Funds Management | 11,13,952 |
| 2 | ICICI Prudential Asset Management | 9,14,878 |
| 3 | HDFC Asset Management | 8,37,348 |
| 4 | Nippon Life India Asset Management | 6,54,112 |
| 5 | Kotak Mahindra Asset Management | 4,87,000 |
| 6 | Aditya Birla Sun Life AMC | 4,06,000 |
| 7 | UTI Asset Management | 3,59,180 |
| 8 | Axis Asset Management | 3,06,990 |
| 9 | Mirae Asset Global Investments (India) | 2,11,000 |
| 10 | DSP Asset Management | 1,92,744 |
Detailed Profiles of Top 10 AMC in India with Key Data
1. SBI Funds Management: Largest AMC in India
AUM: INR 11,13,952 crore | Investor Folios: 2.21 crore
SBI Mutual Fund, India’s largest AMC, started in 1987 as a joint venture between State Bank of India and France’s Amundi. Its extensive PAN India branch network of over 250 locations and nearly 900 employees enables strong investor reach. It manages 65+ schemes across equity, hybrid, and debt categories. The flagship SBI Bluechip Fund alone commands over INR 53,000+ crore in AUM. In FY 2024-25, the AMC saw a substantial growth in digital folio openings via its mobile app. The company emphasises robust research, transparency, and technology to enhance investor experience.
2. ICICI Prudential Asset Management: Second Largest AMC in India
- AUM: INR 9,14,878 crore | Investor Base: 11.9 million+
Founded in 1998 as a joint venture between ICICI Bank and UK-based Prudential Plc, ICICI Prudential Asset Management Company offers a broad portfolio of mutual fund schemes, with over 100 schemes across equity, debt, hybrid, and other categories. The AMC holds a significant position in hybrid and dynamic asset allocation funds, with the Balanced Advantage Fund leading the category with assets under management (AUM) exceeding INR 64,900 crore as of mid-2025. ICICI Prudential AMC is recognised for its innovation in systematic investment plans (SIPs), smart beta ETFs, and its disciplined, rule-based investment philosophy, consistently ranking among India’s top asset managers by AUM.
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3. HDFC Asset Management Company
- AUM: INR 8,37,348 crore | Investor Folios: 10.9 million
HDFC Mutual Fund, established in 1999 as a joint venture between HDFC Ltd. and Aberdeen plc (formerly Standard Life), manages assets worth approximately INR 8.37 lakh crore as of mid-2025. The AMC has an active investor base exceeding 10.8 million folios and is known for its strong distribution network and trusted investment management. Its diversified portfolio spans equity (around 54% of AUM) and debt (around 36%), with flagship funds like HDFC Flexicap and Balanced Advantage commanding AUMs of over INR 80,642 crore and INR 1,01,773 crore, respectively. The company emphasizes investor education and a commitment to sustainable, long-term growth.
4. Nippon Life India Asset Management
- AUM: INR 6,54,112 crore | Distributors: 1,14,100+
Nippon Life India Asset Management, formerly Reliance Mutual Fund and acquired by Nippon Life Japan, reported a strong performance in FY25 with its mutual fund assets under management (AUM) growing to approximately INR 6.54 lakh crore. The company recorded a profit after tax of INR 1,286 crore, the highest ever, supported by a robust dividend payout ratio of around 91%. It serves an extensive investor base with over 3.25 crore folios and 2.08 crore unique investors, supported by more than 1,14,100 distributors across 265 locations in India. Nippon India manages over 22 lakh SIP accounts and holds a dominant market position in ETFs and index funds, with assets exceeding INR 60,000 crore in these segments. The AMC continues to emphasise customer service, corporate social responsibility, and financial literacy, reinforcing its leadership in the Indian mutual fund industry.
5. Kotak Mahindra Asset Management
- AUM: INR 4,87,000+ crore | Branches: 92+
Kotak Mahindra Asset Management Company, a wholly-owned subsidiary of Kotak Mahindra Bank, managed an average AUM of INR 4.87 lakh crore during FY 2024-25, marking a 27% growth over the previous year and outperforming the overall industry. Kotak Mahindra is among the top AMC in India. The equity segment saw robust growth, with equity AAUM rising 45% to INR 2.30 lakh crore. The firm serves over 6.7 million unique investors across 92+ branches nationwide, bolstered by digital transformation initiatives that enhanced distributor engagement and investor experience. Kotak’s Emerging Equity Fund continues to lead the midcap space with an AUM exceeding INR 40,000 crore. The company reported a 35% increase in profit after tax to INR 79.75 crore and recommended a dividend of INR 32 per share.
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6. Aditya Birla Sun Life AMC: One of Top 10 AMC in India
- AUM: INR 4,06,000 crore | Investor Folios: 10.6 million+
Aditya Birla Sun Life AMC (ABSLAMC), established in 1994 and jointly promoted by Aditya Birla Capital Limited and Sun Life (India), is among the best AMC in India with an AUM of over INR 4 lakh crore and 10.6 million+ investor folios as of 31 March 2025. Backed by a wide distribution network of 300+ service centres and 89,000+ distributors, along with international operations in Mauritius, Dubai, and Singapore, ABSLAMC offers a diversified range of products across equity, debt, passive, and alternatives. In FY 2024–25, the AMC reported strong growth with revenue from operations up 25% to INR 1,685 crore, net profit rising 19% to ~INR 931 crore, and a return on equity of 27%, alongside a proposed dividend of INR 24 per share.
7. UTI Asset Management
- AUM: INR 3,59,180 crore | Investor Base: 10+ million
UTI AMC, India’s oldest asset management company with a legacy since 1964, remains a key player in the mutual fund industry with a core AUM of INR 3,59,180 crore, serving over 10 million investors. Its investor base spans retail, institutional, and pension participants, with strong schemes such as the UTI Flexi Cap Fund, Nifty Index Fund, and Retirement Solutions maintaining consistent track records. In FY 2024–25, UTI AMC delivered solid financial performance with revenue from operations rising 22% to INR 1,445 crore and PAT growing 43% to INR 492 crore, while the Board recommended a dividend of INR 48 per share.
8. Axis Asset Management
- AUM: INR 3,06,990 crore | No. of Investor Folios: 1.07+ crore
Axis Mutual Fund, established in 2009, has emerged as a significant player in asset management companies in India with a Mutual Fund AUM of INR 3,06,990 crore and serving over 1.07 crore investor folios across 84+ lakh unique investors. The AMC offers a diverse suite of 82 mutual fund schemes, spanning 16 equity, 16 debt, 6 hybrid, 4 solution-oriented, and 40 passive products, along with FoFs and alternates (AIFs, PMS). In FY25, Axis AMC delivered robust performance with revenue from operations of INR 1,446 crore and profit after tax of INR 619 crore. The company continued to deepen retail penetration through 100+ branches nationwide and strengthened its digital ecosystem with a top-rated mobile app.
9. Mirae Asset Global Investments (India)
- AUM: INR 2,11,000 crore | Channel Partners: 8,000+
Mirae Asset India, a subsidiary of Korea’s Mirae Asset Group since 2007, is a rapidly growing AMC in India. As of 31 March 2025, the Mutual Fund Assets Under Management (AUM) was around INR 2.11 lakh crore. The AMC has a strong distribution network of over 8,000 channel partners and serves more than 7.5 million investor folios, driven mainly by its equity-focused product suite. In FY 2024-25, Mirae Asset India saw over 15% folio growth, driven by steady Systematic Investment Plan (SIP) inflows and increased retail participation.
10. DSP Asset Management
- AUM: INR 1,98,000 crore | Investors: 2 million+
Founded in 1996, DSP MF is known for trust, innovation and investor centricity. Its core equity and tax saver funds are top performers, with transparent operations and long-term wealth creation focus.
Leadership Factors, Challenges and Future Outlook
The success of these largest AMC in India is due to a large distribution network, data driven investment approach, technology adoption and continuous product innovation. Challenges are regulatory changes, market volatility, investor education and cybersecurity. But India’s growing young investor base, fintech, ESG investing and digital integration will drive growth for Asset Management Companies in India