UST, Muthoot FinCorp Ltd. & Group Companies Sign Six-Year Deal Worth ₹500 Crore

PRNewswire
Thiruvananthapuram (Kerala) [India], January 27: UST, a leading AI and digital transformation solutions company, has secured a ₹500+ crore digital transformation deal with Muthoot FinCorp Ltd. and other group companies under the Muthoot Pappachan Group (Muthoot Blue). This six-year deal, extending through 2031, marks a significant milestone in the long-term strategic partnership between the two organisations, reflecting Muthoot FinCorp Ltd.'s continued confidence in UST as its trusted technology and transformation partner. Six-year agreement through 2031 to strengthen IT infrastructure, cloud, data center, and cybersecurity operations across Muthoot Pappachan Group (MPG). Engagem ent spans 8 MPG entities spanning over 4200+ branches and thousands of users across India. Partnership to modernise NBFC technology ecosystem with hybrid cloud, AI-driven security, and automation-led operations.
As part of this multi-year engagement, UST will introduce an enhanced technology stack that brings together modern engineering practices and industry-leading platforms. This includes advanced cybersecurity capabilities, incorporating Zero Trust security architectures, AI-driven threat detection, automated incident response, next-gen endpoint, and perimeter protection. UST will also drive hybrid and multi-cloud modernization to optimise workloads, strengthen disaster recovery, improve application performance, and enable cloud-native capabilities across mission-critical systems for Muthoot FinCorp Ltd. along with MPG's seven additional entities.
Muthoot FinCorp Ltd. has one of India's largest NBFC technology ecosystems. This deal spans across eight MPG entities, 22 service towers, and more than 4200+ branches across 29 states. The UST platform serves over thousands of users and integrates an ecosystem of 100 technologies, with a strong focus on service uptime, operational resilience, regulatory compliance, and scalable growth across the Group's nationwide footprint.
Speaking on the engagement, Alexander Varghese, President, UST, said, "Our continued partnership with Muthoot FinCorp Ltd. and the wider Muthoot Pappachan Group is a strong endorsement of UST's capabilities in managing large, mission-critical financial services environments. This multi-year engagement reflects a shared commitment to resilience, security, and long-term digital transformation. Together, we are building a technology foundation that supports scale, regulatory confidence, and sustained innovation across digital lending, branch modernization, and enterprise-wide data-driven decision-making as it continues to scale its operations across India."
Dileep Sivan Pillai, Vice President and Head of India Business, UST, added, "This renewal goes beyond infrastructure management to enable operational excellence at scale. By combining modern cloud architectures, advanced cybersecurity, and automation-led operations, we are supporting Muthoot Pappachan Group strengthen its technology core while remaining agile in a rapidly evolving financial services landscape."
Thomas John Muthoot, Chairman & Managing Director, Muthoot Pappachan Group, said, "UST has been a trusted technology partner to us for several years, consistently demonstrating deep domain expertise and operational reliability. This renewed engagement reflects our confidence in UST's ability to support our long-term growth ambitions, strengthen our digital infrastructure, and ensure secure and compliant operations across the Group."
Shaji Varghese, Chief Executive Officer, Muthoot FinCorp Ltd., said, "As we continue to expand our nationwide presence and product offerings, having a dependable and forward-looking technology partner is critical. This partnership with UST enables us to modernise our IT infra landscape, enhance cybersecurity, and deliver seamless services to our customers while meeting evolving business and regulatory requirements."
Muraleekrishnan Nair, Managing Director - APAC Business Head CyberProof and Global Head - Cloud Infrastructure & Security CIS, UST, said, "The future of financial services is decisively cloud and AI-led, where agility, scalability, and security are fundamental to sustained growth. Our transformation with Muthoot is focused on building a future-ready digital ecosystem that keeps the organization ahead of both change and competition. By fully leveraging cloud platforms and cloud-native cybersecurity, we are enabling secure, intelligent operations at scale and supporting Muthoot's evolution into a technology-driven enterprise delivering inclusive financial services across generations."
The agreement was formally signed by senior leadership from both organisations in Thiruvananthapuram, India.
From Muthoot FinCorp Ltd., the signing was attended by Thomas John Muthoot, CMD and Shaji Varghese, CEO, along with other senior leaders - Joseph Oommen, CFO; Nishit Shrivastava, CITO; Naveen Nair, Infra Head; Sreekumar S, Procurement Head; Arun Kumar B, COO; Suresh Kumar, CHRO; and Prashant Kumar, Legal Head. From UST, Alexander Varghese, President; Dileep Sivan Pillai, Vice President; Muraleekrishnan Nair, General Manager; Stephen Kalaiselvam, Director - Delivery Head; Sreejamol N S, Account Manager; Gayathri Jaya, Business Finance - India Cluster; Shilpa Menon, Centre Head, UST Thiruvananthapuram; Sarath Raj, HR Head; and key delivery and account leaders were present.
Since 2020, UST has been working with the Muthoot Pappachan Group, popularly known as Muthoot Blue, supporting its digital transformation journey across infrastructure, cloud, and security domains.
About Muthoot FinCorp Ltd.
Muthoot FinCorp Limited, the flagship company of 138-year-old business conglomerate Muthoot Pappachan Group, is India's leading Non-Banking Financial Company (NBFC) with an aim to transform the lives of common man by ensuring their financial wellbeing through an array of varied products and services. The Company today offers more than two dozen products and services through its 3750+ branches across India and aims to serve the underbanked, to be their most trusted financial partner, and ensure financial inclusion of every household in India. Muthoot FinCorp's long-standing experience, expertise and stronghold in the semi urban and rural areas has enabled the company to provide quick & customized finance options to the masses.
About Muthoot Pappachan Group
Founded in 1887, Muthoot Pappachan Group (MPG) is a significant entity in the Indian business landscape with nationwide presence and tailor-made products and services for its customers. The Group which planted its roots in retail trading, later diversified into various sectors including Financial Services, Hospitality, Automotive, Realty, IT Services, Precious Metals, and Alternate Energy. With Muthoot FinCorp Limited as its Flagship Company and Bollywood icon Shah Rukh Khan as its brand ambassador, Muthoot Pappachan Group (MPG) today stands as a formidable presence in India. With over 47000 Muthootians and a vast network of over 5200 branches across the country, the Group is deeply committed to Environmental, Social, and Governance (ESG) excellence aiming to create a long-term value for its stakeholders while contributing to a more sustainable and equitable future. Muthoot Pappachan Foundation, the CSR arm of the group facilitates the CSR activities for the entire Group companies focusing on Health, Education, Environment and Livelihood (HEEL).

About UST
Since 1999, UST has worked side by side with the world's best companies to make a powerful impact through transformation. Powered by technology, driven by AI, inspired by people, and led by our purpose, we partner with our clients from design to operation. Our AI-driven digital solutions, proprietary platforms, engineering, R&D, products, and innovation ecosystem turn core challenges into impactful, disruptive solutions. With deep industry knowledge and a future-ready mindset, we infuse expertise, innovation, and agility into our clients' organizations--delivering measurable value and positive lasting change for them, their customers, and communities around the world. Together, with 30,000+ employees in 30+ countries, we build for boundless impact--touching billions of lives in the process. Visit us at www.UST.com
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