Indians are one of the world’s top buyers of gold, be it jewellery or coins. However, most Indians store their gold in bank lockers. While the value increases over the long term, taking loan against gold was unthinkable unless a last-ditch effort.
Building on 8 centuries of family legacy, Muthoot Finance’s roots date back to 1939 when it was founded by late business tycoon M George Muthoot. The lender didn’t just pioneer small gold loans but revolutionised the industry and the understanding of gold’s value for the common man.
The story of the modern-day conglomerate known as Muthoot Group starts in 1887 when it was set up by the late Muthoot Ninan Mathai. But it was the late Group Chairman MG George Muthoot who joined the family business at a young age and literally helped it strike gold.
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From a trader of timber and grains, MG George Muthoot transformed the company into a lender against gold ornaments back in the 1970s. He became the Managing Director (MD) in 1979 and the Group Chairman in 1993. He led the company’s rise along with his three brothers as a Non-banking Financial Corporation (NBFC), becoming the first to post net profit of over Rs 1,000 crore.
Muthoot Finance earned the trust of Indians when it comes to the most cherished commodity. Over 70 crore customers, small scale businessmen and middle-class families, have trusted Muthoot with their valuable gold across over 5,750 branches and over 40,000 employees across the country. Muthoot Finance had a market cap of over Rs 50,000 crore as of June 2023.
The Muthoot business family diversified into over 20 businesses. MG George Muthoot passed away in 2021 leaving behind an inspiring legacy and a massive business empire. His younger brothers helm the conglomerate. George Jacob Muthoot took over as Group Chairman, George Alexander Muthoot is MD and George Thomas Muthoot the Joint MD.
The several group companies – from financial services, securities and wealth management to healthcare, media, education and real estate are led by the third and fourth generations of the Muthoot business family.
