Groww accounted for 43.6% of new systematic investment plan (SIP) registrations in India during the July–September 2026 quarter, according to a company spokesperson quoted by The Economic Times. The figure, rounded to 44% in the headline, highlights the wealthtech platform’s position in attracting investors to mutual funds through its digital investment services.
The company is also expanding its mutual fund business alongside a broader push into wealth management. Groww’s direct mutual fund assets rose 45.9% year-on-year to ₹2.06 lakh crore at the end of September 2026, increasing from approximately ₹1.9 lakh crore at the end of June. The growth comes as India’s mutual fund industry continues to attract substantial retail investment through SIPs, even amid stock-market volatility.
Key Takeaways
- New SIP registrations: Groww accounted for 43.6% of new mutual fund SIP registrations during July–September 2026, according to the company.
- Direct mutual fund assets: Assets held through Groww increased 45.9% year-on-year to ₹2.06 lakh crore by the end of September.
- Quarterly asset growth: Direct mutual fund assets rose approximately 7.8% from around ₹1.9 lakh crore in June.
- Industry SIP contributions: Monthly SIP investments across the mutual fund industry reached a record ₹32,490 crore in September.
- Business strategy: Groww is building its mutual fund and wealth management operations alongside its established online investment and stockbroking business.
- Important distinction: The 43.6% figure relates to new SIP registrations, not Groww’s share of all SIP assets, total mutual fund investments or the entire mutual fund market.
Groww Reports Strong Share of New SIP Registrations
Groww’s reported 43.6% share of new SIP registrations during the September quarter points to the platform’s role in bringing investors into the mutual fund ecosystem.
A systematic investment plan allows an investor to contribute a fixed amount to a mutual fund at regular intervals, often monthly. Rather than investing a large sum at once, investors can spread contributions over time and build a portfolio gradually.
Digital platforms have made the process easier by allowing users to discover funds, complete onboarding, set up recurring investments and monitor their holdings through an app. Groww has built its business around this digital-first model, offering investment services to retail customers.
The September-quarter figure is specifically about newly registered SIPs. It should not be interpreted as meaning that Groww manages 43.6% of all SIP money invested in India or holds the same percentage of the country’s mutual fund assets.
New registrations are also different from active SIP accounts and actual monthly contributions. Some registered plans may subsequently be discontinued, while existing investors can operate multiple SIPs across different funds or platforms.
The distinction matters when assessing the company’s market position. Registration share can indicate its ability to attract new customers, while assets under management, actual contributions and customer retention provide additional measures of business scale.
Direct Mutual Fund Assets Reach ₹2.06 Lakh Crore
Groww’s direct mutual fund assets rose 45.9% year-on-year to ₹2.06 lakh crore at the end of September 2026, according to the company spokesperson cited by The Economic Times.
The assets also increased by 7.8% from approximately ₹1.9 lakh crore at the end of June. This suggests that the platform continued to expand its mutual fund business during the quarter.
Groww’s reported mutual fund metrics
| Metric | Reported figure |
|---|---|
| Share of new SIP registrations, July–September 2026 | 43.6% |
| Direct mutual fund assets at end-September | ₹2.06 lakh crore |
| Year-on-year growth in direct mutual fund assets | 45.9% |
| Growth from end-June to end-September | 7.8% |
| Approximate direct mutual fund assets at end-June | ₹1.9 lakh crore |
Source: Company information reported by The Economic Times. Figures refer to direct mutual fund assets held through Groww.
Assets under management can increase because customers invest additional money, new investors join, existing customers consolidate holdings on a platform, or the market value of their investments rises. The reported growth rate alone does not establish how much came from each factor.
Nevertheless, the increase indicates that Groww’s mutual fund business has expanded beyond simply attracting new registrations. The size of assets held through the platform also makes customer engagement, service quality and the ability to retain investors important parts of its longer-term strategy.
India’s SIP Market Reaches a New High
Groww’s reported registration share comes against a backdrop of strong SIP activity across the wider Indian mutual fund industry.
According to industry data reported by The Economic Times, monthly SIP contributions reached ₹32,490 crore in September 2026, up from ₹32,297 crore in August. The September total was approximately 11% higher than the ₹29,361 crore recorded in September 2025.
The industry also had around 10.06 crore contributing SIP accounts during September, while SIP assets stood at approximately ₹17.86 lakh crore.
India’s mutual fund SIP activity
| Metric | September 2026 | Comparison |
|---|---|---|
| Monthly SIP contributions | ₹32,490 crore | Record high |
| SIP contributions in August 2026 | ₹32,297 crore | September was higher |
| SIP contributions in September 2025 | ₹29,361 crore | September 2026 was up approximately 11% year-on-year |
| Contributing SIP accounts | 10.06 crore | More than 10 crore accounts |
| SIP assets | ₹17.86 lakh crore | Approximately 21.6% of industry assets, according to the reported data |
Source: Association of Mutual Funds in India (AMFI) data as reported by The Economic Times.
The figures show that recurring mutual fund investing remains a significant part of household participation in financial markets. Regular contributions can help investors follow a disciplined investment schedule without attempting to predict short-term market movements.
However, record SIP contributions do not mean that all investors are earning positive returns. Mutual fund values fluctuate with the underlying securities, and investors can experience losses, particularly over shorter periods.
Why Digital Investment Platforms Are Competing for SIP Customers
SIP registrations are an important customer-acquisition metric for investment platforms because they can establish an ongoing relationship between an investor and a financial service provider.
A user who opens an account and starts a SIP may return to the platform regularly to monitor investments, explore other mutual funds or access additional financial products. Platforms can therefore use mutual fund investing as an entry point into a wider wealth management relationship.
The digital distribution model also allows platforms to reach investors outside traditional financial centres. Online onboarding and investment tracking can make mutual funds more accessible to customers who prefer managing their finances through mobile applications.
Competition, however, is not limited to app-based brokers. Banks, established mutual fund distributors, asset management companies and other investment platforms also serve SIP investors. Customers may choose different providers based on fund selection, ease of use, customer support, research tools and the overall investing experience.
For Groww, maintaining momentum will depend not only on new registrations but also on whether users continue their SIPs, add to their investments and use its services over time.
Groww’s Broader Push Into Wealth Management
Groww has been expanding beyond its core online stockbroking business as it builds a broader financial services platform.
Its mutual fund operations provide a route to customers who prefer recurring investments over active stock trading. Wealth management can also help the company serve investors with different financial needs, from first-time mutual fund buyers to customers seeking a more comprehensive investment relationship.
The company’s reported increase in direct mutual fund assets supports the view that mutual funds have become an important component of its platform. Still, direct mutual fund assets should not be confused with the company’s entire customer-asset base, and they do not represent revenue earned by the company.
The financial opportunity depends on how effectively Groww converts user growth into sustainable business activity. That includes retaining customers, supporting recurring investments and developing services that meet investor needs without encouraging unsuitable or excessive trading.
The platform also operates in a competitive and regulated market. Its long-term performance will be shaped by investor behaviour, market conditions, regulatory changes and the economics of providing financial services.
What the Numbers Mean for Investors
Groww’s reported SIP registration share is a business-performance indicator, not a recommendation to invest through the platform or select a particular mutual fund.
Investors should distinguish between the popularity of an investment platform and the suitability of an investment product. A platform may attract many new registrations, but that does not establish that every fund available through it is appropriate for every investor.
Before starting a SIP, investors should consider their financial goals, investment horizon, tolerance for risk and the nature of the underlying fund. Equity mutual funds can experience significant volatility, and SIPs do not guarantee profits or protect investors from market losses.
Investors should also review fund costs, investment objectives and portfolio risks. A recurring investment plan is a method of investing; it is not a separate asset class or a guarantee of a particular return.
The Bigger Picture
Groww’s reported 43.6% share of new SIP registrations highlights the growing importance of digital platforms in mutual fund distribution. Its ₹2.06 lakh crore in direct mutual fund assets also indicates the scale of the business it has built as more investors use online channels to manage their investments.
At the same time, the wider industry’s record SIP contributions suggest that the opportunity is not limited to a single platform. The market’s future will depend on whether new investors remain engaged, maintain suitable investment habits and continue to view mutual funds as part of their long-term financial plans.
What Happens Next?
Groww’s next challenge will be to convert new SIP registrations into sustained customer relationships and recurring investment activity. Its ability to retain users, expand mutual fund assets and build additional wealth management services will help determine whether the current momentum translates into durable business growth.
Investors and industry observers will also watch future disclosures for changes in customer assets, SIP activity and the contribution of mutual funds to Groww’s broader business. Industry-wide SIP contributions, account additions and discontinuations will provide useful context for assessing whether the platform’s reported growth reflects a broader expansion in retail investing or changing competition among digital investment providers.
Frequently Asked Questions
1. What percentage of new SIP registrations did Groww account for in the September quarter?
Groww said it accounted for 43.6% of new mutual fund SIP registrations during July–September 2026. The headline rounds this figure to 44%.
2. What were Groww’s direct mutual fund assets in September 2026?
Direct mutual fund assets held through Groww reached ₹2.06 lakh crore at the end of September 2026, up 45.9% year-on-year and 7.8% from approximately ₹1.9 lakh crore at the end of June.
3. How much did investors contribute through SIPs in India in September?
Monthly SIP contributions across India’s mutual fund industry reached a record ₹32,490 crore in September 2026, compared with ₹32,297 crore in August.
4. Does Groww’s 44% share mean it manages 44% of India’s SIP investments?
No. The reported 43.6% figure refers to new SIP registrations during the quarter. It is not Groww’s share of total SIP contributions, all active SIP accounts or the country’s total mutual fund assets.
Sources
- The Economic Times — “Groww says it accounted for 44% of new SIP registrations in September quarter.” Company figures on SIP registration share and direct mutual fund assets.
- The Economic Times — “AMFI Data: MF SIP inflows hit record high of Rs 32,490 crore in September.” Industry SIP contribution and account data.
- Groww Investor Relations — Platform-level business metrics and investor information.
This article reflects information available as of October 15, 2026.
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