Zerodha Fund House — the joint venture between Smallcase and Zerodha — has crossed ₹10,000 crore in assets under management (AUM), marking one of the fastest growth trajectories among new-age asset management companies in India. The AMC, launched in November 2023, has achieved this scale in just two years, driven entirely by its investor-first, index-focused model.
Vasanth Kamath, Founder of Smallcase, announced the milestone on , stating:
“In just 2 years since launch, Zerodha Fund House (a smallcase-Zerodha JV) has crossed ₹10,000 cr in AUM.” He added that the AMC’s pure focus on index-based funds and the decision to operate only through direct plans helped it build trust quickly and attract investors at scale. According to him, the fund house has already reached over 8 lakh investors, with 12% being first-time mutual fund investors, and 60% coming from beyond the top 30 Indian cities — a strong indicator of mutual fund penetration in non-metro regions.
In September 2025, Zerodha Fund House had already crossed ₹8,000 crore AUM, a milestone Nithin Kamath described as unique because the entire AUM came from individual investors — not institutions. This trend has continued, reinforcing the fund house’s philosophy of building products “for retail, by retail.”
Liquid ETF Gains Traction
Yesterday, Zerodha’s LIQUIDCASE (Zerodha Nifty 1D Rate Liquid ETF) became one of the fastest-growing liquid ETFs in the country, reaching nearly ₹6,000 crore AUM in under two years since launching in January 2024. The stands out as India’s first liquid ETF with a growth NAV, and its expansion has been entirely organic.
Zerodha’s Founder and CEO, Nithin Kamath, highlighted the fund house’s rapid progress in a post on X. He pointed out that despite minimal marketing, the AMC’s direct-only model—focused on low-cost index funds and ETFs—has already attracted over 7 lakh retail investors. Kamath wrote, “It’s been 18 months since the first fund launch of ZerodhaAMC with Smallcase. The idea was to offer simple and cost-efficient index funds and ETFs and stay direct only. Despite not being loud about the AMC, 7 lakh investors have saved ₹6,400 crores in our funds.”
Kamath described the LIQUIDCASE ETF as Zerodha’s “hero fund”, noting its rapid rise from an AUM of ₹843 crore in April 2024 to ₹4,700 crore—achieved in just 15 months.
India’s first liquid ETF with a growth NAV, LIQUIDCASE offers convenience by eliminating the need to track dividends while providing high liquidity with low risk—features that have significantly contributed to its growing popularity among retail investors.
Alongside the fund house’s growth, brokerage giant Zerodha also announced a $5 million (around ₹45 crore) investment in Tijori Finance on November 27, strengthening its ecosystem of analytical and financial tools.
Zerodha Fund House’s ₹10,000 crore milestone underscores the rising acceptance of in India. With a young AMC touching high AUM purely through direct participation, transparent products, and retail investors, the Zerodha–Smallcase JV is emerging as one of the strongest disruptors in India’s mutual fund industry.
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