BOI Mutual Fund, Motilal Oswal Mutual Fund and PGIM India Mutual Fund See Highest B30 AUM Growth in 5 Years

The mutual fund industry's footprint in B30 locations has expanded notably over 5 years. BOI Mutual Fund, Motilal Oswal Mutual Fund and PGIM India Mutual Fund have outperformed with the highest increases in B30 asset share from March 2020 to September 2025. 

This development reflects the growing retail participation and financial inclusion impact outside India’s top 30 cities.

BOI Mutual Fund Leads with 24.55% Growth 

Among 32 fund houses assessed, Bank of India Mutual Fund achieved the sharpest increase in its B30 asset share, rising from 1.47% in March 2020 to 26.03% in September 2025. This staggering 24.55% growth reflects BOI Mutual Fund’s success in deepening outreach in smaller towns and rural markets.

Impressive Gains by Motilal Oswal Mutual Fund and PGIM India Mutual Fund

Motilal Oswal Mutual Fund recorded a 14.03% rise in its B30 AUM proportion, increasing from 10.34% to 24.37%. PGIM India Mutual Fund followed with a 13.78% growth, moving from 8.55% to 22.34%. Both fund houses have manoeuvred efficiently to gain investor confidence in B30 geographies.

Industry-Wide Boost in B30 AUM

Overall, India’s mutual fund B30 assets surged nearly 4 times, climbing from ₹3,63,000 crore in March 2020 to ₹14,50,000 crore in September 2025. Consequently, the B30 share of total assets rose from 16% to 19%, signifying sustained momentum in beyond-tier-1 participation.

Read More: SIFs Gain Traction as AMCs Roll Out Hybrid, Equity and Debt Long Short Strategies!

Other Noteworthy Performers and Decliners

Mahindra Manulife Mutual Fund and PPFAS Mutual Fund recorded increases of 12.82% and 12%, respectively. Meanwhile, AMCs like JM Financial Mutual Fund, HSBC Mutual Fund, Franklin Templeton Mutual Fund and Mirae Asset Mutual Fund also clocked modest gains. On the downside, Navi Mutual Fund and Quant Mutual Fund posted declines of over 16%, highlighting inconsistency in B30 penetration across players.

Conclusion

The substantial rise in B30 AUM share for BOI Mutual Fund, Motilal Oswal Mutual Fund and PGIM India Mutual Fund underscores a strong trend of mutual fund adoption beyond metros. While a majority of fund houses have expanded their B30 presence, some continue to face challenges in sustaining the momentum, reflecting varied strategic execution across the sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

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