SBI, HDFC and ICICI Mutual Funds Lead in B30 City Assets: AUM Analysis Reveals

The mutual fund industry continues to witness robust growth from B30 (Beyond Top 30) cities with SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund emerging as leaders in assets under management (AUM) from these regions, according to data as of September 2025.

Top Mutual Funds by B30 Assets

As of September 2025, SBI Mutual Fund commands the highest B30 AUM at ₹2,83,583 crore, comprising 23.54% of its total AUM of ₹12,04,555 crore. HDFC Mutual Fund follows with B30 assets of ₹1,74,490 crore, accounting for 19.65% of ₹8,87,895 crore in total AUM. ICICI Prudential Mutual Fund’s B30 AUM stands at ₹1,63,340 crore, totalling 15.82% of its ₹10,32,431 crore overall AUM.

Nippon and UTI Continue to Gain Ground

Nippon India Mutual Fund holds the fourth position with ₹1,32,194 crore from B30 cities, representing 19.84% of its ₹6,66,428 crore AUM. UTI Mutual Fund ranks fifth at ₹76,124 crore, forming 19.90% of its ₹3,82,455 crore AUM. These top 5 fund houses collectively represent a substantial chunk of B30-driven assets in the industry.

Other Notable Performers in B30 Cities

Aditya Birla Sun Life Mutual Fund (₹74,909 crore), Axis Mutual Fund (₹70,267 crore), Kotak Mutual Fund (₹68,247 crore), Tata Mutual Fund (₹37,674 crore) and Mirae Asset Mutual Fund (₹34,325 crore) also feature prominently. B30 assets now account for 19% of the entire mutual fund industry's total AUM, reflecting increasing retail participation from smaller cities.

Read More: Best Equity Mutual Funds in October 2025 Based on AUM: Parag Parikh Flexi Cap, HDFC Balanced Advantage and More!

Fund Houses with the Highest B30 Share by Percentage

Quant Mutual Fund leads with 32.38% of its assets from B30 cities, followed by Groww Mutual Fund at 30.70%. Other notable names with over 25% B30 share include Zerodha Mutual Fund (28.91%), Samco Mutual Fund (27.60%), Union Mutual Fund (26.21%) and Bank of India Mutual Fund (26.03%).

Wider Implications for The Industry

This growth from B30 cities underscores the improving financial literacy and increasing accessibility of investment platforms in non-metro regions. Smaller AMCs like Navi Mutual Fund, Mahindra Manulife Mutual Fund, and NJ Mutual Fund are also seeing over 25% of their total AUM coming from these regions.

Conclusion

The dominance of SBI, HDFC and ICICI Mutual Funds in B30 assets highlights their extensive reach and trust in non-metro locations. Rising AUM from B30 cities signals a structural shift in India’s mutual fund landscape towards inclusivity and deeper market penetration.

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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