India, April 25 -- Fintech unicorn Groww has received Securities and Exchange Board of India's (SEBI) nod to launch India's first Nifty non-cyclical consumer index fund.

Launched by the platform's asset management company (AMC) Groww Mutual Fund, the new fund offering (NFO) will likely go live in the first week of May. In a statement, the company said it will be an open-ended scheme that will be benchmarked against the Nifty Non-Cyclical Consumer Index (Total Return Index).

For the uninitiated, the Index tracks the performance of 30 largest stocks under the non-cyclical consumer theme across sectors such as consumer goods and services, telecom, media and entertainment, among others.

The fresh development comes seven months after the fi...