NRI-focused wealth platform Belong reported a doubling of investment inflows to $6 million in March-April from $3 million in January-February, according to reports from The Hindu BusinessLine. The strongest demand for these investments came from investors in the UAE and Qatar, as overseas Indians increasingly turn to GIFT City in Gujarat to build India exposure. A majority of the recent inflows came from fresh capital remitted from overseas rather than funds already parked in Indian bank accounts, indicating growing confidence in India's long-term economic prospects. "We are seeing a clear shift in investor behaviour. Historically, the conversation was around sending money to India or maintaining assets in India for personal reasons. Today, more NRIs are approaching India as an investment destination and thinking about portfolio allocation rather than remittances alone," said Ankur Choudhary, Co-Founder and CEO of Belong.
The GIFT City-based platform has crossed 25,000 users globally and is targeting one lakh users by this year-end, as reported by The Hindu BusinessLine. Founded in 2024, Belong helps NRIs and Overseas Citizens of India (OCIs) invest, save and manage finances across jurisdictions through a digital platform. The company currently serves users across more than 80 countries and has facilitated nearly $20 million in investments and transactions. Since launching its first product, GIFT City USD fixed deposits, the company has grown at 25-30 per cent month-on-month and expanded to multiple offerings of mutual funds and AIFs. "We have crossed 25,000 users with an average growth rate of 25-30 per cent month-on-month since we launched our first product of GIFT City FDs. Since then, we have expanded to multiple offerings of mutual funds and AIFs, and will soon launch GIFT Nifty trading for NRIs," said Choudhary. The startup's annualised assets-under-management (AUM) run rate has reached $36 million and is growing at 20-30 per cent month-on-month, with the company focusing on expanding its customer base and assets rather than profitability.
The startup's annualised assets-under-management (AUM) run rate has reached $36 million and is growing at 20-30 per cent month-on-month, according to The Hindu BusinessLine. Belong currently earns revenue through foreign exchange fees on transactions and distribution commissions linked to investment products. The company expects to add brokerage income through the launch of GIFT Nifty futures and options trading for NRIs. The platform has observed a two-pronged investment approach among users, with USD fixed deposits averaging more than $20,000 and mutual fund investments averaging around $5,000. At present, India-focused mutual funds based out of GIFT City account for around 20 per cent of inflows, with investors typically adding to their holdings periodically. The nature of recent inflows suggests growing confidence among NRIs in India's long-term economic prospects, as "NRIs are actively remitting fresh capital from overseas to India specifically for savings and investment purposes. This suggests that India is increasingly being viewed as part of a broader portfolio allocation strategy rather than simply a place where existing Indian savings are re-deployed," said Choudhary.
Belong is the first fully digital platform to hold three licences from the International Financial Services Centres Authority (IFSCA) — Payment Service Provider (PSP), Broker-Dealer and Distributor, as reported by The Hindu BusinessLine. The company attributes part of the growing interest to GIFT City's evolving ecosystem for cross-border investing, which offers NRIs a globally aligned regulatory framework, allows investments to be held in foreign currency, provides tax advantages on certain products and enables direct investing from overseas bank accounts. "It creates a single jurisdiction through which NRIs can access both India-linked and international investment opportunities. As the ecosystem expands, GIFT City is increasingly emerging as a hub for NRIs to manage their global wealth," said Choudhary. Looking ahead, the company plans to strengthen its presence in West Asia, which remains its largest market, while expanding into diaspora-heavy geographies such as the UK and Singapore.
