Magma Fincorp Limited announces name change to Poonawalla Fincorp Limited
Pune, 22nd July 2021: Magma Fincorp Limited, an RBI-registered non-banking finance company (NBFC) has been rechristened as Poonawalla Fincorp Limited and has initiated rebranding activity, following the acquisition of controlling stake by Adar Poonawalla led Rising Sun Holdings Private Limited on 21st May 2021. Along with this, its fully owned housing finance subsidiary Magma Housing Finance Limited is also renamed Poonawalla Housing Finance Limited.
In its new avatar under the Poonawalla brand, the group will be focusing on the consumer and MSME segments. As a part of the new strategy, the company will expand its product range to include Personal Loans, Loans to Professionals, Merchant Cash advances, Loans against Property, Consumer Finance, and Machinery Loans along with existing products of Business Loan, Pre-Owned Car Loans, and Home Loans. Earlier this month the board had approved a proposal to enter a co-branded credit card arrangement for issuance of co-branded credit cards, subject to obtaining necessary approvals from the regulatory authority(ies). The company offers complete transparency in its offerings with no hidden charges and a fully customer-centric approach.
Mr. Adar Poonawalla, Chairman, Poonawalla Fincorp Limited said, “We are delighted to announce the rebranding of Magma Fincorp under the Poonawalla brand as “Poonawalla Fincorp”. This marks the beginning of not only a change of brand but the fundamental way in which we will do business. From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations.”
About Poonawalla Fincorp Limited
Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a non-deposit-taking non-banking Finance Company (NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited and the National Stock Exchange in India. Consequent to the capital raise of Rs 3,456 Crore in May ‘21, the Company is now part of Poonawalla Group with a majority stake owned by Rising Sun Holdings Private Limited, a Company-owned and controlled by Mr. Adar Poonawalla.
The Company’s new identity “P” stands for Passion, Principles, Purpose, People, and Possibilities. Poonawalla Fincorp Limited (“PFL”) has a widespread coverage and presence across 21 States, 297 Branches, and the customer base stands at approximately 5.4 million with a loan book of more than Rs. 14,000 crores. The Company offers a bouquet of financial products including SME finance, mortgage finance, unsecured loans, and general insurance.