FILE PHOTO: U.S. dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzalez/Illustration/File Photo | Photo Credit: JOSE LUIS GONZALEZ

As overseas Indians increasingly turn to GIFT City in Gujarat to build India exposure, NRI-focused wealth platform Belong reported a doubling of investment inflows to $6 million in March-April from $3 million in January-February, with the strongest demand coming from investors in the UAE and Qatar.

The trend points to a broader shift in NRI investment behaviour, with overseas Indians increasingly viewing India as a portfolio allocation destination rather than merely a market for remittances, real estate purchases or family-related financial commitments. Belong said a majority of the recent inflows came from fresh capital remitted from overseas rather than funds already parked in Indian bank accounts.

“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, which has crossed 25,000 users globally, is targeting one lakh users by this year-end. Choudhary said the company has been growing at 25-30 per cent month-on-month since launching its first product, GIFT City USD fixed deposits, and is confident of achieving the target as it expands its product suite.

“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,” he said. 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.

Growing AUM run rate

The start-up’s annualised assets-under-management (AUM) run rate has reached $36 million and is growing at 20-30 per cent month-on-month, although the company said its current focus remains on expanding its customer base and assets rather than profitability.

According to Choudhary, the nature of recent inflows suggests growing confidence among NRIs in India’s long-term economic prospects. “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,” he said.

At present, demand on the platform is strongest for India-linked investment opportunities. While USD-denominated fixed deposits remain the most popular product, India-focused mutual funds based out of GIFT City account for around 20 per cent of inflows. Many NRIs already have significant exposure to global markets through their countries of residence and are using GIFT City to increase their India allocation, Choudhary said, adding that there is also growing interest in global investment products accessible through the international financial centre.

Average ticket sizes vary by product. Investments in GIFT City fixed deposits average more than $20,000, while mutual fund investments average around $5,000, with investors typically adding to their holdings periodically. The platform has also observed a two-pronged investment approach among users. While USD fixed deposits are being used to park surplus savings for short- to medium-term needs, mutual funds are increasingly being used for long-term goals such as retirement planning and children’s education.

forex fees

Belong currently earns revenue through foreign exchange fees on transactions and distribution commissions linked to investment products. It expects to add brokerage income through the launch of GIFT Nifty futures and options trading for NRIs. The company attributes part of the growing interest to GIFT City’s evolving ecosystem for cross-border investing.

According to Choudhary, the international financial centre 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,” he said. Belong says it 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 — enabling it to offer multiple financial products through a single account.

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.

Published on June 24, 2026