Muthoot Microfin

Muthoot Microfin Limited[4] is a microfinance institution (MFI) in India. Headquartered in Kochi, it is the microfinance subsidiary of Muthoot Pappachan Group.[5][6][7][8]

Muthoot Microfin Ltd
TypePrivate
IndustryFinancial services
HeadquartersKochi, India
Key people
  • Sadaf Sayeed (CEO)[1]
  • Udeesh Ullas (COO)[2]
  • Praveen T (CFO)[3]
ServicesMicrofinance
ParentMuthoot Pappachan Group
Websitemuthootmicrofin.com

History

The microfinance business was originally established as a division of Muthoot Fincorp Limited in 2010.[9][10] 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).[11][12][13]

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. Over the years, MML has expanded its footprint across India and currently operates in 18 states.[11][14][15]

In 2021, Muthoot Microfin Ltd launched Mahila Mitra app to help rural women beneficiaries with ease of repayment.[16]

Services and Operations

Muthoot Microfin has a strong presence in India, operating across 18 states with a vast network of more than 1,172 branches and a dedicated team of 10,000 plus employees.[17][18] As of March 31, 2023, Muthoot Microfin has a portfolio size of Rs. 9,200 crore with a borrower base of 2.7 million women entrepreneurs.[19][20] The company has secured investments from Greater Pacific Capital,[21][22][23] a renowned private equity fund and Creation Investments Capital Management, a prominent US-based alternative investment company.[24][25][26]

Senior Management

Key individuals are:

Chief Executive Officer (CEO) Sadaf Sayeed[27]
Chief Operating Officer (COO) Udeesh Ullas[28]
Chief Financial Officer (CFO) Praveen T[29]
Chief Technology Officer (CTO) Linson C Paul[30]
Chief Risk Officer (CRO) Jinsu Joseph

Partnerships

Muthoot Microfin is predominantly owned by Muthoot Fincorp and the Muthoot family, who collectively possess a controlling stake of 71 percent in the company. In addition to this, London-based private equity firm GPC (Greater Pacific Capital)[21]holds a significant ownership interest of 16.6 percent,[22][23] [24]while Chicago-based private equity fund Creation holds 9.3 percent.[25][26]

In 2019, the company formed a significant collaboration with Water.org to focus on expanding water and sanitation finance facilities in remote regions across the operating states of the country and enhancing the accessibility of water and sanitation facilities in underserved areas.

Mahila Mitra App

Muthoot Microfin launched the Mahila Mitra customer app, which offers native language support across all operational states.[16] This mobile application facilitates convenient loan repayment for the beneficiaries. [31]The app's impact has been remarkable, garnering over 7.66 lakh downloads.[32]

References
  1. "Sadaf Sayeed, Muthoot Microfin Ltd: Profile and Biography". Bloomberg.com. Retrieved 2023-07-23.
  2. "Udeesh Ullas, Muthoot Microfin Ltd: Profile and Biography". Bloomberg.com. Retrieved 2023-07-23.
  3. Livemint (2021-07-15). "Muthoot Microfin raises Rs75 crore via market-linked debentures". mint. Retrieved 2023-07-23.
  4. "Home - Muthoot Microfin". Retrieved 2022-04-19.
  5. "Muthoot Microfin gets $50 million equity funding from GPC". The Hindu. 2021-12-06. ISSN 0971-751X. Retrieved 2022-04-19.
  6. Bhatla, Prabhjeet. "Muthoot Microfin Raises INR 75 Cr Via Market-Linked Debentures". Entrepreneur. Retrieved 2022-04-19.
  7. "Muthoot Microfin raises Rs75 crore via market-linked debentures". livemint. 2021-07-15. Retrieved 2022-04-19.
  8. "Muthoot Microfin secures USD 10 mn from Greater Pacific Capital - Times of India". The Times of India. October 3, 2022. Retrieved 2022-10-17.
  9. "Rating Rationale". www.crisil.com. Retrieved 2023-04-05.
  10. "SEBI" (PDF).
  11. "Muthoot Microfin Limited" (PDF). Securities and Exchange Board of India. Retrieved 14 April 2022.
  12. "Muthoot Microfin enters digital healthcare; To offer E-clinic services in rural India to its customers". Financialexpress. Retrieved 2022-07-08.
  13. "Muthoot Microfin to offer healthcare in rural India via e-clinics". mint. 2022-03-09. Retrieved 2022-07-08.
  14. Rebello, Joel. "Muthoot Microfin looking at listing in March". The Economic Times. Retrieved 2022-04-19.
  15. Ray, Atmadip. "UK's Greater Pacific to invest $10 m in Muthoot Microfin". The Economic Times. Retrieved 2022-10-18.
  16. Shantanu, Shashank (2021-08-25). "How this microfinance firm is empowering women entrepreneurs in rural India with an app". www.indiatvnews.com. Retrieved 2022-04-14.
  17. "Muthoot Microfin riles revised IPO papers to raise Rs 1,350 crore". TimesNow. 2023-07-01. Retrieved 2023-09-04.
  18. "Muthoot Pappachan Group plans Rs 1,800-cr IPO for MFI arm". The Economic Times. 2022-11-09. ISSN 0013-0389. Retrieved 2023-09-04.
  19. "Muthoot Microfin to provide loan in 30 minutes through app". The Times of India. 2023-06-05. ISSN 0971-8257. Retrieved 2023-09-04.
  20. Bureau, BL Kochi (2023-05-07). "Muthoot Microfin clocks ₹203 crore profit for FY23". BusinessLine. Retrieved 2023-09-04.
  21. "Greater Pacific Capital". www.greaterpacificcapital.com. Retrieved 2023-08-26.
  22. Ray, Atmadip (2021-12-07). "Greater Pacific acquires 14% in Muthoot Microfin". The Economic Times. ISSN 0013-0389. Retrieved 2023-08-26.
  23. "Muthoot Microfin secures $10 mn from Greater Pacific Capital". Moneycontrol. 2022-10-03. Retrieved 2023-08-26.
  24. Ray, Atmadip (2022-09-13). "UK's Greater Pacific to invest $10 m in Muthoot Microfin". The Economic Times. ISSN 0013-0389. Retrieved 2023-08-26.
  25. "Muthoot Microfin to raise Rs 130 cr from Creation Investments". India Today. Retrieved 2023-08-26.
  26. "Muthoot Pappachan Group raises Rs 130 cr from Chicago-based PE fund Creation Investments". BusinessLine. 2017-01-25. Retrieved 2023-08-26.
  27. "Our aim is to provide financial support to disadvantaged women: Sadaf Sayeed, Muthoot Microfin". Financialexpress. 2022-02-01. Retrieved 2023-08-26.
  28. "Udeesh Ullas, Muthoot Microfin Ltd: Profile and Biography". Bloomberg.com. Retrieved 2023-08-26.
  29. PTI (2019-11-08). "Indian Bank, Muthoot Microfin sign MoU". BusinessLine. Retrieved 2023-08-26.
  30. "Linson Paul". The Economic Times DataCon Series 2023. Retrieved 2023-08-26.
  31. "Muthoot Microfin to provide loan in 30 minutes through app". The Times of India. 2023-06-05. ISSN 0971-8257. Retrieved 2023-08-26.
  32. www.ETBFSI.com. "Over 5 lakh Muthoot Microfin customers using app to make loan repayments, group building superapp: Sadaf Sayeed - ET BFSI". ETBFSI.com. Retrieved 2023-08-26.
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