Muthoot takes its name from its Family, which is a branch of a traditional Orthodox Christian family, based in Kozhencherry, a small town in the erstwhile primary state of Travancore . (Kerala). In the year 1887, Muthoot Ninan Mathai (Patron Founder of the group), started in a humble way as a retail and whole-sale trader of grains at Kozhencherry. These wholesale goods were mainly supplied to the large Estates owned by British Companies. Later, understanding the unmet saving needs of the estates workers, Mr. Ninan Mathai, started the Chit Funds business on a philanthropic motive, as an avenue for saving. Initially, it was started solely for the workers, but later was floated outside the estate. The business grew slowly but steadily along with its share of ups and downs.
Functioning out of a single office in Kozhencherry, Muthoot Ninan Mathai entered the gold loan business in the 1950’s. He soon went on to become the largest player in Chits & Gold Loans. Various people across Kerala came to Kozhencherry for gold loan & chits.
The Late Muthoot Ninan Mathai had four sons, Ninan Mathew, M. George, M. Mathew and Mathew M. Thomas (Muthoot Pappachan) who were involved in the business from their childhood and later took over the family business.
The family partition took place in the year 1979 which led to the Genesis of Muthoot Pappachan Group (MPG), the founder of who was the Late Mathew M Thomas popularly known as Muthoot Pappachan. Though the different Muthoot Groups are into the same businesses, there exists an excellent relationship as well as a healthy competition among the cousins. The three sons of Late Muthoot Pappachan are Thomas John Muthoot (Chairman & Managing Director) Thomas George Muthoot (Director) & Thomas Muthoot (Executive Director) who presently manage the Group.
Over the years, the Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. "A journey of a thousand miles begins with a single step". True to this adage, the group which planted its roots in retail trading, later diversified into various sectors including Financial Services, Hospitality, Automotive, Realty, IT Services, Healthcare, Precious Metals, Global Services and Alternate Energy.
Currently MPG has 20,000 employees, serving over a million customers through its 3800 branches across the country. MPG’s customer-centric approach and innovation in terms of new products that cater to changing customer needs, have helped in winning the loyalty of innumerable customers, as well as in attracting new ones. Adopting the latest technology and new ways to serve customers, without compromising on basic principles and ethics that it has been following since its inception, is what forms the backbone of MPG.
Muthoot Pappachan Group has grown to encompass unimaginable proportions. Armed with a commitment to society, the group set up the Muthoot Pappachan Foundation (MPF), a Public Charitable Trust - the CSR arm of MPG that has touched thousands of lives through its diverse programs. The CSR initiatives of MPG revolve around the theme HEEL, covering Health, Education, Environment and Livelihood.
MPG has established a business without boundaries, where challenges are considered stepping stones to progress. The Muthoot Pappachan Group strives to take the world forward and with perseverance, commitment and sincerity, the possibilities are infinite!