Zerodha Fund House FY26: Revenue Up 79% YoY To ₹17 Cr, Loss Narrows

Zerodha Asset Management Pvt Ltd, the entity behind Zerodha Fund House, posted operating revenue of ₹16.8 Cr in the fiscal year ended March 2026, up 78.7% from ₹9.4 Cr in FY25, per Inc42. Including other income of ₹36.6 lakhs, total income reached ₹17.1 Cr for the year.

The AMC simultaneously narrowed its net loss by 37.8% to ₹5.1 Cr in FY26, down from ₹8.2 Cr in FY25, according to Inc42. Total expenses, however, continued to climb, rising 29.4% to ₹21.1 Cr from ₹16.3 Cr in the prior year. Employee benefit expenses were the largest cost line at ₹13.1 Cr (up 23.6%), followed by subscription and cloud charges at ₹2.5 Cr (up 47.1%) and legal and professional fees at ₹2.1 Cr (up 110%). The company also incurred an additional tax expenditure of ₹1 Cr during the period, per the MCA regulatory filing cited by Inc42.

Revenue at the AMC is drawn primarily from advisory and management fees earned on Zerodha Mutual Fund schemes. As of March 2026, Zerodha Fund House's quarterly average assets under management (QAAUM) stood at ₹14,448 Cr, up nearly 196% from ₹4,887 Cr at the end of March 2025. ETFs contributed ₹12,107.6 Cr of that total, with non-ETF QAAUM at ₹2,340.5 Cr, per Inc42.

Zerodha Fund House was first incorporated in 2021 as a partnership between Zerodha and investment-tech startup CASE Platforms (formerly smallcase). The AMC received final approval from SEBI to operate in July 2023 and began operations thereafter. It focuses exclusively on passive mutual fund products — index funds and ETFs — and claims to have launched nine such schemes in FY26. The fund operates under a three-tier structure mandated by SEBI: Zerodha Broking is the sponsor, CASE Platforms is the co-sponsor, and Zerodha Trustee Pvt Ltd serves as the trustee, while Zerodha Asset Management Pvt Ltd handles day-to-day operations.

In August 2026, smallcase announced that CASE Platforms would become its new corporate parent while the smallcase brand continues to focus on model portfolios. In the same month, CASE Platforms also received regulatory approvals to formally become Zerodha Mutual Fund's co-sponsor, per Inc42.