According to the first chapter on 
Wildstorm’s comic 
Thundercats Origins: Heroes and Villains, Mumm-Ra’s origin is set in ancient Egypt.
[14] He was once 
Wahankh, a member of the pharaoh’s council and his most loyal adviser. We can also see Wahankh’s dog, 
Ma-Tep (supposedly the future 
Ma-Mutt).  The friendship made with the pharaoh was so close and enduring that the  sovereign actually considered him as part of his family.
 However, Wahankh's real aim was to overthrow the royal power of his  pharaoh in a coup d'état, and become the ruler of the land. To achieve  his goal, he invoked the presence of the Ancient Spirits of Evil for the  first time by using four magical runes, representing each one the four  evil beings. Once the spirits appeared, he requested a small part of  their power in order to defeat the powerful pharaoh’s army. In exchange,  he would rule all Egypt in their name as a humble servant. The Ancient  Spirits agreed to help him and Wahankh was invested with evil powers,  becoming an immortal sorcerer at their service, while his entire body  mutated into a cadaverous grey form. Finally, a new name was given to  him: 
Mumm-Ra.
 Knowing about this betrayal, the pharaoh immediately faced the  monstrous and grotesque being. Trusting his new powers, Mumm-Ra ordered  the pharaoh to bow down and proclaimed himself the new master of the  realm. Nonetheless, the pharaoh’s son confronted him and quickly managed  to outmaneuver Mumm-Ra in battle, defeating him.
 Without being aware that Mumm-Ra was actually immortal, the pharaoh  spared him the fate of dying at the stake for his treachery. Considering  all his years of service, the pharaoh instead granted him a merciful,  religious death being locked as a mummy in an 
onyx pyramid’s  giant burial chamber. The pharaoh's son, knowing about Mumm-Ra's  neverending life, took joy in imprisoning him for (seemingly) all  eternity. In the darkness, Mumm-Ra begged for the help of the Ancient  Spirits once again, but they denied it due to his incompetence in using  those powers they had previously granted him. Instead, they ordered him  to build four large statues on the chamber to praise them, a task that  would take at least 600 years to be accomplished. Only then they would  grant him the power to break free by turning into an eternal and  overwhelming warrior, capable of defeating any pharaoh. Before the TV  series storyline, at some point he fulfilled the work, receiving the  ability to become 
Mumm-Ra, the 
Ever-Living.