Groww’s mutual fund arm clocked a 2.5 times surge in its assets under management (AUM) year-on-year to nearly Rs 1,940 crore in May 2025, up from Rs 789 crore a year ago, according to data disclosed by the Bengaluru-based wealthtech firm.

The sharp growth follows Groww's 2023 acquisition of Indiabulls Asset Management Company Ltd (IAMCL), which had an AUM of Rs 342 crore at the time. Renamed Groww AMC post-acquisition, the firm has grown its AUM nearly sixfold in two years, reported Moneycontrol.

Groww Mutual Fund, managed by Groww Asset Management Company, offers a suite of direct mutual fund schemes including the popular Groww Nifty Index and Groww Liquid funds. In addition to managing its own funds, the company also distributes third-party mutual fund products.

Groww Prepares For Upcoming IPO

In May, Groww confidentially filed for an initial public offering (IPO) with the market regulator SEBI. The company, which is the largest broker in India by number of active investors, also raised Rs 200 million from Iconiq Capital and GIC at a $7 billion valuation.

While rival Zerodha AMC reported AUM of Rs 6,400 crore in May, over 70 percent of its assets were in Liquidcase ETFs—a product Groww has not yet launched. Unlike Zerodha’s trader-heavy user base, Groww continues to target new and long-term savers through SIPs and index funds.

Groww also reported a threefold jump in FY25 profits to Rs 1,819 crore, with revenue rising 31 per cent to Rs 4,056 crore, even as broking firms grapple with higher trading taxes and tighter retail norms.

To diversify its offerings, Groww recently agreed to acquire wealth management startup Fisdom in a $150 million all-cash deal. The strong growth comes despite several challenges, with broking firms preparing for increased trading taxes in the current fiscal. Since the middle of last fiscal, they have been earning reduced exchange rebates and are also contending with tighter retail F&O trading regulations.