B30 cities drive 19 percent of MF assets
Mutual fund assets from smaller Indian cities reached 14.50 trillion rupees in September 2025 as investors outside major metropolitan areas increased their market participation. The figure represents 19 percent of total industry holdings and grew 2.6 percent from the previous month while climbing 15 percent compared with September 2024. Individual investors from these locations allocated 76.60 percent of their money to equity schemes and 9.12 percent to balanced funds, according to ICRA Analytics data from the Association of Mutual Funds in India.
Retail investors chose direct investment options for 27.37 percent of their assets while 65.30 percent worked through independent distributors. High-net-worth individuals allocated 28.90 percent of their holdings through direct channels. Institutional investors allocated 95.07 percent of their assets to the 30 largest cities, with only 4.93 percent to smaller markets.
