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India's First EV Index Fund Launches!
15 Oct
Summary
- Axis Mutual Fund launched India's first EV index fund.
- Fund opens for investment on October 16, 2026.
- Targets companies across the EV value chain.
Axis Mutual Fund introduced India's first index fund focused on electric vehicles and new-age automotive companies on Thursday. The Axis Nifty EV & New Age Automotive Index Fund, an open-ended passive scheme, aims to replicate the Nifty EV & New Age Automotive Total Returns Index. This fund provides investors with exposure to a wide array of companies, including vehicle manufacturers, battery producers, and advanced technology providers within the electric vehicle sector. The New Fund Offer (NFO) is scheduled to open on October 16, 2026, and will close on October 30, 2026, requiring a minimum investment of ₹100.
This initiative comes as India's EV penetration has significantly increased, rising from under 1 percent in FY21 to 9.4 percent in FY26. The fund's underlying index, which draws from the Nifty 500 universe, is rebalanced semi-annually and currently comprises 44% large-cap, 29% mid-cap, and 27% small-cap stocks as of September 30, 2026. Axis AMC believes the fund will be a transparent investment avenue into the evolving automotive sector, driven by improving EV economics and supportive government policies.
