KOCHI : Mahindra Asset Management Company, a new entrant in the mutual fund business, said that it will focus on rural and semi-urban markets in the country. The company is also in the process of setting up its products and marketing network in India.
“Our primary focus is to meet the investment needs of semi-urban and rural investors. Mahindra Finance has been serving the borrowing needs of such customers for two decades, and now we are aligning ourselves to the investment needs of the same customers. Interestingly, smaller towns have contributed 44 per cent of total inflows to mutual funds in the past fiscal,” said Ashutosh Bishnoi, Managing Director and CEO, Mahindra AMC.
The company had received Sebi approval to set up mutual fund business earlier in February. It has filed papers for launching at least four schemes. These are Mahindra MF Bachat Yojana, Mahindra MF Kar Bachat Yojana, Mahindra MF Bal Vikas Yojana and Mahindra Liquid Fund.
“Our idea is to explain the investment opportunities to customers in our priority markets in their own language starting with the product names,” Ashutosh said.
At present, there are over 40 mutual fund houses operating in the country.