Muthoot Pappachan Group


Muthoot Pappachan Group, also known as Muthoot Blue, is an Indian conglomerate founded in 1887 by Ninan Mathai Muthoot. Headquartered in Thiruvananthapuram, Kerala, the group has a work force of more than 26,000 employees across 4,200 branches in India. The company provides financial services to consumers, businesses, hospitality, automotive dealerships, real estate, healthcare, IT services, precious metals, and alternate energy.

History

The family business was founded in 1887 by Muthoot Ninan Mathai in Kozhencherry, Kerala. Muthoot Ninan Mathai traded in timber and food grains, supplying rations to large British-run plantations. In 1939, the group established banking and finance service to provide immediate financial assistance to customers in rural and non-rural areas through easy secured loans. Post-independence, the demand for credit increased as individuals discovered their household gold as a safe & convenient means to get credit. Muthoot Ninan Mathai then moved into the gold loan business. In 1979, the business was split among the founder’s three surviving sons. The eldest son, M. George Muthoot, moved out of Kerala and set up Muthoot Finance. The youngest son, Mathew M. Thomas, also known as Muthoot Pappachan, then incorporated Muthoot Pappachan Group, or Blue Muthoot.