Muthoot Microfin

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Muthoot Microfin Ltd
Company typePublic
IndustryFinancial services
Founded2010
HeadquartersKochi, India
Key people
  • Sadaf Sayeed (CEO)[1]
  • Udeesh Ullas (COO)[2]
  • Praveen T (CFO)[3]
ServicesMicrofinance
RevenueIncrease ₹1,428 crore (US$170 million) (FY23)[4]
Increase ₹163 crore (US$19 million) (FY23)[4]
OwnerMuthoot Fincorp (72.36%)[4]
ParentMuthoot Pappachan Group
Websitemuthootmicrofin.com

Muthoot Microfin Limited[5] is an Indian microfinance institution (MFI), headquartered in Kochi. It primarily provides unsecured microloans to women in rural areas.[6] It is a part of Muthoot Pappachan Group.[7][8][9][10]

History

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The microfinance business was originally established as a division of Muthoot Fincorp Limited in 2010.[11][12] In December 2011, the Muthoot Pappachan Group acquired Pancharatna Securities Ltd, a non-banking financial company (NBFC) based in Mumbai, and subsequently rebranded it as Muthoot Microfin Limited (MML).[13][14][15]

In March 2015, Muthoot Microfin Limited (MML) obtained a microfinance institution (MFI) license as a non-banking financial company (NBFC-MFI) from the Reserve Bank of India.[13][16][17]

In 2021, Muthoot Microfin Ltd launched Mahila Mitra app to help rural women beneficiaries with repayment.[18][19]

Operations

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Muthoot Microfin operates in 18 states with 1,172 branches and over 10,000 employees.[20][21] As of March 31, 2023, Muthoot Microfin has a portfolio size of ₹9,200 crore with a borrower base of 2.7 million women entrepreneurs.[22][23]

Ownership

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Muthoot Microfin is predominantly owned by Muthoot Fincorp and the Muthoot family, who collectively possess a controlling stake of 71% in the company. In addition, London-based private equity firm GPC (Greater Pacific Capital) holds an ownership interest of 16.6%,[24][25] [26] while Chicago-based private equity fund Creation Investments Capital Management holds 9.3%.[27][28]

References

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