Bengaluru | Delhi | Mumbai Jan 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.
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.
