7 months ago
UST Secures ₹500 Crore Digital Deal with Muthoot FinCorp
UST, a company that helps other companies use technology better, has made a big deal with Muthoot FinCorp, a large financial services company in India.
This deal is worth over ₹500 crore and will last for six years.
UST will help Muthoot FinCorp improve its technology, including making it more secure and using cloud computing.
This will help Muthoot FinCorp serve its customers better across India.
Both companies are happy with this partnership and think it will help Muthoot FinCorp grow and serve more people.
UST secures a ₹500+ crore six-year digital transformation deal with Muthoot FinCorp Ltd. and the Muthoot Pappachan Group.
The deal aims to strengthen IT infrastructure, cloud, data center, and cybersecurity operations across eight MPG entities.
UST will introduce an enhanced technology stack, including advanced cybersecurity capabilities and hybrid cloud modernization.
The partnership spans over 4200+ branches across 29 states, serving thousands of users and integrating an ecosystem of 100 technologies.
Both companies expressed confidence in the partnership, highlighting its role in supporting Muthoot FinCorp's long-term growth and digital transformation.
- Who
- UST and Muthoot FinCorp Ltd. (part of the Muthoot Pappachan Group)
- What
- A six-year digital transformation deal worth ₹500+ crore
- Where
- Thiruvananthapuram, Kerala, India
- When
- Signed on January 27, 2024, extending through 2031
- Why
- To strengthen IT infrastructure, cloud, data center, and cybersecurity operations across the Muthoot Pappachan Group
Key facts
- Companies Involved
- UST, Muthoot FinCorp Ltd., Muthoot Pappachan Group
- Deal Value
- ₹500+ crore
- Duration
- Six years (through 2031)
- Scope
- IT infrastructure, cloud, data center, cybersecurity operations
- Entities Involved
- Eight MPG entities, 4200+ branches, 29 states
- Technology Focus
- Hybrid cloud, AI-driven security, automation
- UST's Role
- Enhanced technology stack, cybersecurity, cloud modernization
- Muthoot FinCorp's Role
- Modernize NBFC technology ecosystem
Quotes
Alexander Varghese
President, UST
“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.”
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Dileep Sivan Pillai
Vice President and Head of India Business, UST
“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.”
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Thomas John Muthoot
Chairman & Managing Director, Muthoot Pappachan Group
“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.”
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Shaji Varghese
Chief Executive Officer, Muthoot FinCorp Ltd.
“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.”
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Muraleekrishnan Nair
Managing Director – APAC Business Head CyberProof and Global Head – Cloud Infrastructure & Security CIS, UST
“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.”
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