India's newest fund houses: 15 launched since 2023

Which houses count as new

India has added fund houses quickly. Taking the date of each house's first NAV in our records, 15 fund houses published their first NAV in 2023 or later, from Bajaj Finserv on 5 July 2023 to Lakshya on 24 September 2026. Three others, Trust, NJ and Samco, began in 2021–22 and fall just outside the window. Groww and Navi have new names but schemes older than 2020, so they are not counted.

Together the 15 managed an average of ₹1,11,693 crore in July–September 2026, on AMFI's quarterly figures excluding domestic fund-of-funds. That is 1.28% of the industry, and less than PPFAS Mutual Fund manages on its own. A year earlier, eight of them had a figure, adding up to ₹58,187 crore.

Fifteen houses, one table

Schemes are counted once each, by the Direct Growth plan or the ETF, if they had a NAV in October 2026. "Mostly" is the share of the house's average assets in that kind of fund.

Bajaj Finserv is both the oldest and the largest, with the broadest range: 25 schemes across equity, debt, hybrid and index. Jio BlackRock is the fastest to size. Its average assets rose 25% in the latest quarter alone, and it reached 29th place within about 15 months of its first NAV.

Index-heavy, active, or a cash fund first

The new houses fall into three groups.

Passive first. Zerodha runs no active equity fund at all. Fifteen of its 23 schemes are index funds or ETFs, and its single largest scheme is the Zerodha Nifty 1D Rate Liquid ETF at ₹10,313 crore, 59% of the house. Angel One is built the same way, with 9 of its 11 schemes passive. The guide to index funds and ETFs covers how the two differ.

Active first. Helios, Abakkus and Old Bridge each keep about 95% of their money in actively managed equity funds. Abakkus is the newest of them and already the fifth largest of the fifteen, with its Flexi Cap fund averaging ₹6,825 crore in its third full quarter.

Cash first. Eight of the 15 opened with a liquid or overnight fund. For Jio BlackRock that fund is still the business: the JioBlackRock Liquid Fund averaged ₹11,524 crore, more than half the house, while its Flexi Cap fund had ₹3,250 crore. ASK, Monarch and Lakshya have only a liquid or overnight fund so far.

Nine of the 15 run a flexi-cap fund, and at eight of those nine it is the largest equity fund.

Costs fall with size

SEBI's caps on expense ratios fall as a fund's assets grow, and the new houses' flexi-cap funds show it plainly. On the expense ratios filed with AMFI in early October 2026:

The four above ₹3,000 crore charge 0.82% to 1.11%, around the category median of 0.96%. The five under ₹500 crore charge 1.42% to 2.80%. Index funds are cheap from the start: the Nifty 50 index funds of Jio BlackRock (0.22%), Angel One (0.25%) and Zerodha (0.28%) sit close to the 0.25% median in our ranking of Nifty 50 index funds by cost.

Early returns, where a year exists

Twelve diversified active equity funds from these houses have at least a year of NAVs. Direct Growth returns for the year to 9 October 2026, ranked among the Direct Growth funds of each category:

Eleven of the twelve were ahead of their category's median. Among hybrids, Unifi Dynamic Asset Allocation was first of 36 balanced-advantage funds over the year, at 8.60%.

That is a better start than most new funds get, and it comes with caveats. It is one year, and a falling one: a Nifty 50 index fund lost about 9.7% over it. A young fund still putting its first money to work may hold more cash than its older peers, which helps in a falling market and costs in a rising one. And these funds are small, so a handful of good positions moves them a long way.

What the numbers do not tell you

A quarter's average understates a new house. Lakshya's ₹2 crore is an average over a quarter in which it existed for one week.

Growth is mostly inflows. For houses this young, assets reflect distribution and launches, not returns. Our post on the fastest-growing fund houses separates the two for the industry, and the 2026 equity launches since their NFOs covers the funds still too young for this table.

One year is not a track record. None of these funds has three years of history yet.

None of this is a recommendation to buy or sell any fund or to choose a fund house. The fund house directory lists all of them with their schemes.