Zerodha Fund House Crosses ₹10,000 Crore AUM Milestone: Boosted by LIQUIDCASE

Zerodha Fund House has achieved a significant milestone, crossing ₹10,000 crore in assets under management (AUM) within just two years of its launch. The AMC, a joint venture between Zerodha and smallcase that debuted in November 2023, has scaled entirely through retail investor participation, without relying on institutional money.

By September 2025, the fund house had already crossed ₹8,000 crore in AUM, a milestone Nithin Kamath described as remarkable given its fully retail composition. The company emphasises that this trend validates its philosophy: investment products can be built “for retail, by retail.”

Expanding Investor Base

According to smallcase founder Vasanth Kamath, Zerodha Fund House now serves over 8 lakh investors. Notably, around 12% of these investors are entering mutual funds for the first time, and 60% are located outside India’s top 30 cities, signaling the AMC’s reach beyond traditional urban hubs.

LIQUIDCASE: A Major Growth Driver

A key contributor to this rapid growth has been LIQUIDCASE, the AMC’s Nifty 1D Rate Liquid ETF. Launched in January 2024, LIQUIDCASE has grown to nearly ₹6,000 crore in AUM, positioning it as one of India’s fastest-growing liquid ETFs. The product is also notable for being the first in the country to offer a growth NAV in the liquid category.

Zerodha Fund House currently offers only index-based funds and ETFs, all under direct plans. This approach aligns with its “investor-first” philosophy, ensuring simplicity, transparency, and cost-efficiency for retail investors.

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Zerodha’s Founder and CEO, Nithin Kamath, shared an update on the fund house’s swift growth in a post on X. He noted that, despite minimal marketing, the AMC’s direct-only approach, centered on low-cost index funds and ETFs has already drawn over 7 lakh retail investors. Kamath wrote, “It’s been 18 months since Zerodha AMC launched its first fund with Smallcase. Our goal was to provide simple, cost-effective index funds and ETFs while remaining direct-only. Even without much fanfare, 7 lakh investors have collectively saved ₹6,400 crores through our funds.”

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