New direct mutual fund distributors like Groww are gaining market share, prompting traditional offline financial distributors to seek technological solutions for relevance. Startups such as AssetPlus and ZFunds are providing these distributors with tech tools to enhance client services. ZFunds is negotiating a Rs 25 crore funding round with Elevation Capital, while AssetPlus has secured Rs 50 crore from Eight Roads Ventures and Rainmatter. Both companies aim to expand their operations and support their extensive networks of distributors, competing against established players like NJWealth and Prudent in India’s growing mutual fund distribution market.