[7][8][9][10] The microfinance business was originally established as a division of Muthoot Fincorp Limited in 2010.

[11][12] 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).

[13][16][17] In 2021, Muthoot Microfin Ltd launched Mahila Mitra app to help rural women beneficiaries with repayment.

[20][21] As of March 31, 2023, Muthoot Microfin has a portfolio size of ₹9,200 crore with a borrower base of 2.7 million women entrepreneurs.

In addition, London-based private equity firm GPC (Greater Pacific Capital) holds an ownership interest of 16.6%,[24][25] [26] while Chicago-based private equity fund Creation Investments Capital Management holds 9.3%.