Mumbai: The mutual fund industrys assets under management grew by 35% in FY24, recording the highest gain since fiscal FY21 when the industry grew by 41%, said the Association of Mutual Funds India (AMFI).

The number of folios closed at a record high of 17.78 crore, with the investor base standing at around 4.46 crore.

AMFI said individual investors dominated mutual fund categories such as equity, hybrid and solution-oriented schemes with the three categories together accounting for nearly 58% of the industry assets and 80% of the folio count as of March 2024. The share of assets under management of these categories has increased from 45% in March 2019.

Debt funds saw moderate growth of around 7% in FY24 to close with assets of ?12.62 lakh crore, after contracting 2% and 9% in the previous two financial years, 2022 and 2023, respectively, showed data from the mutual fund industry body.