Mutual fund distribution platform ZFunds on Tuesday announced the launch of Rs 100 daily mutual fund SIP, which is conceptualised specifically for people residing in rural areas and small towns. The initiative is being launched in collaboration with ICICI Prudential Mutual Fund, HDFC Mutual Fund and Tata Mutual Fund, ZFunds said in a statement.

The company is in talks with several other fund houses to enrich its product suite.

Through this offering, ZFunds aims to address the need gap existing in tier-2, tier-3 and tier 4 cities where people earn on a daily basis instead of having a monthly income.

The investment amount as low as Rs 100 will help daily wage earners and small business owners to start their investment journey from their daily income, ZFunds said.

Within a short span of time, ZFunds has registered more than 3,000 daily systematic investment plans (SIPs) on its platform and aims to reach 1 lakh daily SIPs by end of FY23.