Summary of this article
Mizoram and Odisha women lead mutual fund asset contributions.
B30 city women outpace metros in mutual fund investments.
Young women increasingly favor equity mutual funds through SIPs.
Metropolitan cities such as Mumbai, New Delhi and Bengaluru have outpaced Tier 2 and Tier 3 India when it comes to women’s participation in mutual fund investing for decades. However, the Association of Mutual Funds in India (Amfi) - Crisil Factbook 2026 shows that things have changed significantly in the past few months.
The data showed that participation of women investors in B30 cities (beyond the top 30 cities in terms of mutual fund investment) has outpaced the participation of women investors in T30 cities (the top 30 cities in terms of mutual fund investment).
The study showed that women in Mizoram and Odisha now make up 40 per cent of their respective states' individual mutual fund assets under management (AuM). On the other hand, women’s contribution to mutual fund AuMs in geographies where key urban centres are located was found to be lower. The study showed that women’s contribution to mutual fund AuMs in Delhi, Mumbai and Karnataka stood at 36 per cent, 37 per cent and 34 per cent, respectively.
A higher AuM contribution shows that women in these regional hubs are committing more money than their metropolitan counterparts to build wealth through mutual funds.
B30 Boom In Mutual Fund Industry
The rising share of women in mutual fund AuMs is indicative of a larger shift in India's investment landscape. The top five states, led by Maharashtra and Delhi, still account for 70.23 per cent of total industry assets. However, incremental capital is rapidly flowing from non-metropolitan regions.
According to the factbook, geographically smaller states and union territories such as Jharkhand, Kerala, Uttarakhand, Puducherry, Manipur, and Lakshadweep saw a surge in their asset bases between fiscal year 2021 and fiscal year 2026. Additionally, the share of assets held by women in B30 locations has also expanded from 23 per cent in March 2021 to 26 per cent in March 2026.
Portfolio Aggression and the Equity Pivot
The factbook also showed that beyond geographies, women are no longer confining their capital to traditional avenues like fixed deposits or physical gold and instead adding mutual funds to their investments.
The total mutual fund assets managed by women grew nearly threefold, rising from Rs 5.84 lakh crore in March 2021 to Rs 15.88 lakh crore in March 2026. Additionally, women now own 34.5 per cent of individual investor assets and make up 26.4 per cent of the unique mutual fund investor base, accounting for roughly 16.1 million individuals.
Female portfolio allocations have also turned growth-oriented. The share of equity-oriented schemes in women's portfolios grew to 64 per cent in March 2026 from 49 per cent in March 2021. On the other hand, debt allocations reduced from 24 per cent to just 8 per cent. Among young women aged below 25 years, equity allocations reached 88.3 per cent. Systematic investment plans (SIPs) became the central driver of this growth. Notably, women's SIP assets grew nearly fourfold to Rs 4.73 lakh crore, almost doubling their portfolio share to 29.8 per cent of total holdings.
The data also indicates that women investors are holding onto their mutual fund investments for longer time periods. The share of mutual fund assets held by women for more than five years increased from 5 per cent in March 2021 to 24 per cent in March 2026.
Key Catalysts Behind The Surge
The uptick in women's participation in mutual funds has been driven by several factors. Easy investor-onboarding enabled by fintech platforms and digital payment infrastructure has reduced transaction hurdles for first-time investors.
On the other hand, industry-wide programs have raised awareness about mutual fund investing along with an uptick in economic independence. Collectively, these figures indicate that Indian women are increasingly moving away from traditional savers into becoming active capital market participants.
