India’s mutual fund industry added only 5.8 million unique investors in 2025 through November, nearly half the 10.6 million added in 2024, highlighting a slowdown in new investor onboarding. New fund offer collections also dropped sharply from ₹1.18 lakh crore in 2024 to about ₹63,600 crore in 2025, reflecting reduced appetite amid muted returns and ongoing market volatility.