Every investment has a possible reward and a possible loss, and the two are tied together. Nothing that can give you 15 percent a year is also incapable of losing 20 percent in a bad year. Higher possible return always comes with wider swings.
Risk in funds is mostly about how far and how fast the NAV can fall. Small cap equity funds swing the most, large cap less, hybrid funds less still, and liquid funds barely at all. SEBI's riskometer on every fund labels this on a scale from Low to Very High.
The useful question is not whether a fund is risky, but whether its swings match how long you can wait and how calmly you can sit through a fall. A 30 percent drop is a disaster if you need the money next year, and a non-event if you need it in fifteen.
Match the size of the swing to the length of your wait, not to your appetite.