While the gold loan business of the Muthoots commenced only in 1939, they were not strangers to business. As early as 1887, the group started off with a trading business in a Kerala village. The famed family business legacy of 800 years took off then and is at an all-time high today.
One needs to look at the numbers to understand the growth of Muthoot Finance. Alongside expansion in products, its retail loan (and debenture) portfolio crossed Rs.500 crore in 2005. By 2019, its loan asset portfolio alone had crossed Rs.34,200 crore. On the exchange, it remains a ‘Strong Buy’ stock basis its robust financial track record. That record, the company underlines, has been built on the bedrock of consumer trust.
It has also been built by enabling credit when most needed for those who need it the most. The brand takes pride in making India more financially inclusive.
From gold loans to home loans to insurance and cashless products, the group offers a wide portfolio of offerings now. And it has a presence in the USA, UK, UAE, Sri Lanka, Nepal and Central America, with more than 40,000 employees at over 5,000 branches.
In early 2018, the group roped in Amitabh Bachchan as brand ambassador for its national campaigns. Leaving no stone unturned in its quest to establish the brand, Muthoot expanded its visibility with sponsorship at the IPL.
Another case of a regional brand that is today truly national. Also a case of what a brand that caters to the unmet needs of the vast Indian consumer pyramid can achieve.