For decades, non-resident Indians looking to put money to work in their home country's mutual fund market have run into a familiar wall: paperwork, currency conversion, unfamiliar tax treatment, and the sheer difficulty of choosing from well over a thousand schemes while living an ocean away. The Wealth Company, a Mumbai-headquartered asset manager, is betting it has found a way to remove much of that friction — by building the bridge inside India's own offshore financial hub rather than asking investors to navigate the onshore system directly.
The company has launched The Wealth Company IFSC FoF, an open-ended Category III Alternative Investment Fund domiciled at GIFT City's International Financial Services Centre in Gujarat. Structured and denominated entirely in US dollars, the fund is designed to give eligible non-resident investors — including NRIs, high- and ultra-high-net-worth individuals, accredited investors, global family offices and institutional allocators — a single, professionally managed route into a diversified portfolio of Indian mutual funds and exchange-traded funds, without requiring them to pick individual schemes themselves.
Rather than sorting through more than 1,700 active schemes offered by upwards of 50 Indian asset management companies, investors in the new fund gain indirect exposure across diversified equity, sectoral, fixed-income, hybrid, index, and gold and silver ETF strategies, all selected and rebalanced on their behalf. The structure also lets overseas allocators sidestep separately registering as a SEBI-recognised Foreign Portfolio Investor purely to reach that basket of funds — a step that has historically added cost and complexity for smaller investors.
“There are more than 1,600 schemes to choose from, different market cycles and very different investment styles,” said Unmesh Kulkarni, Managing Director and Group Product Head at The Wealth Company. Our job is to do that selection and rebalancing for an overseas investor, he said, describing the fund's core mandate. The fund will be managed by Wealth Company Asset Management Private Limited (IFSC Branch), a Fund Management Entity registered with the International Financial Services Centres Authority (IFSCA), the regulator overseeing the GIFT City zone. Scheme selection and ongoing portfolio rebalancing will draw on historical returns, risk parameters, relative performance, quantitative screening and the manager's forward-looking market outlook.
The timing reflects the rapid expansion of both India's domestic fund industry and the GIFT City offshore centre built to service it. Assets under management across India's mutual fund industry reached ₹82.22 lakh crore as of June 30, 2026, more than six times the ₹13.81 lakh crore recorded a decade earlier. Monthly systematic investment plan (SIP) contributions alone totalled ₹31,781 crore in June 2026, underscoring how deep retail participation inside India has become even as the country works to widen access for its diaspora. GIFT City itself has matured into an increasingly credible offshore gateway for capital moving in both directions: cumulative commitments raised by funds domiciled at the IFSC crossed $39 billion as of March 2026, according to IFSCA data.
Madhu Lunawat, Founder of The Wealth Company, framed the launch around a long-standing gap between the scale of India's domestic markets and the limited pathways available to Indians living abroad, arguing that a GIFT City-based structure finally gives overseas investors the infrastructure to treat India as a core, ongoing part of their wealth portfolio rather than a market that is difficult to reach from wherever they happen to live.
Eligibility for the new fund is narrower than a typical retail mutual fund offering. Resident Indians cannot invest, and the fund will not, at least initially, accept subscriptions from investors residing in the United States, Canada, or jurisdictions flagged by the Financial Action Task Force — positioning the product primarily toward diaspora wealth concentrated in the Gulf, the United Kingdom, Singapore and other markets with large expatriate Indian populations. The launch also lands against a broader push by Indian financial institutions to deepen NRI participation in the country's growth story: separately, at forums such as IBPC Dubai's India Wealth Window 2026, industry figures have pointed to national NRI deposits approaching $166 billion.
For an Indian professional in Dubai, London or Singapore weighing whether — and how — to put savings to work in India's markets, The Wealth Company's new offering adds one more option to a rapidly expanding menu of instruments built specifically to close that distance. Whether it succeeds in meaningfully shifting diaspora capital back toward India will depend less on the structure itself than on sustained performance, transparent reporting, and the fund's ability to build trust among an audience that has often approached Indian financial products with caution.
