Belong reports 2x jump in investment inflows as NRIs boost India allocation via GIFT City

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

As more NRIs look to GIFT City in Gujarat to gain India exposure, the NRI‑centric wealth platform Belong said its investment inflows doubled to $6 million in March‑April, up from $3 million in January‑February, driven mainly by investors in the UAE and Qatar.

This reflects a wider change in how NRIs invest, with many now treating India as a place to allocate portfolio assets instead of only using it for remittances, property buys or family finance. Belong noted that most of the new money comes from fresh overseas remittances, not from existing balances in Indian banks.

“We are observing a distinct change in investor behaviour. Previously, the talk centred on sending money to India or keeping assets there for personal motives. Now, a growing number of NRIs view India as an investment venue and consider portfolio allocation beyond mere remittances,” said Ankur Choudhary, co‑founder and CEO of Belong. The GIFT City‑based platform, which has surpassed 25,000 users worldwide, aims to reach one lakh users by year‑end. Choudhary added that the firm has been expanding at 25‑30 % month‑on‑month since introducing its inaugural offering—GIFT City USD fixed deposits—and is confident of hitting the goal as it broadens its product range.

“We have passed the 25,000‑user mark, growing at an average of 25‑30 % each month since debuting our first product—GIFT City FDs. Since that launch we have added mutual funds and AIFs, and we plan to roll out GIFT Nifty trading for NRIs shortly,” he remarked. Established in 2024, Belong enables NRIs and OCIs to invest, save and manage money across borders via a digital platform. It now serves clients in over 80 nations and has facilitated close to $20 million in investments and transactions.

Rising AUM run rate

The startup’s annualised assets‑under‑management (AUM) run rate now stands at $36 million, climbing 20‑30 % each month, though the firm says its priority is growing its client base and assets rather than chasing profitability.

Choudhary noted that the pattern of inflows reflects rising confidence among NRIs in India’s long‑term outlook. “NRIs are sending fresh overseas capital to India for saving and investing,” he said. “This indicates that India is becoming a component of a wider portfolio allocation approach, not just a destination for recycling existing Indian savings.”

At present, the platform sees the strongest interest in India‑linked investments. USD‑denominated fixed deposits remain the top choice, while India‑focused mutual funds domiciled in GIFT City make up roughly 20 % of inflows. Many NRIs already hold substantial global exposure through their home countries and are using GIFT City to boost their India weighting, Choudhary observed, noting that interest in global products available via the international financial centre is also rising.

Ticket sizes differ across products. GIFT City fixed deposits average over $20,000, whereas mutual fund investments hover near $5,000, with investors often topping up their holdings over time. The platform has noted a dual‑track approach: USD fixed deposits serve as a parking spot for surplus savings aimed at short‑ to medium‑term needs, while mutual funds are increasingly chosen for long‑term objectives such as retirement and children’s education.

Foreign‑exchange fees

Belong’s revenue now comes mainly from foreign‑exchange fees on transactions and distribution commissions tied to its investment products. It anticipates gaining brokerage income once it launches GIFT Nifty futures and options trading for NRIs. The firm says part of the rising interest stems from GIFT City’s developing ecosystem for cross‑border investment.

Choudhary explained that the international financial centre gives NRIs a globally consistent regulatory regime, permits holdings in foreign currency, delivers tax benefits on select products, and allows direct investment from overseas bank accounts.

“It provides a single jurisdiction where NRIs can tap both India‑linked and global investment prospects. As the ecosystem grows, GIFT City is fast becoming a hub for NRIs to oversee their worldwide wealth,” he said. Belong claims to be the first fully digital platform to secure three licences from the International Financial Services Centres Authority (IFSCA) — Payment Service Provider (PSP), Broker‑Dealer and Distributor — allowing it to deliver a range of financial products via one account.

Looking forward, Belong intends to deepen its footprint in West Asia, its biggest market, while also expanding into diaspora‑dense regions like the UK and Singapore.

Published on June 24, 2026