Care Ratings Ltd (Care) has upgraded the long-term rating of Poonawalla Fincorp Limited (PFL) and its subsidiary, Poonawalla Housing Finance Limited (PHFL) to “CARE AAA (Triple A), Stable”. This rating is applicable for bank loan facilities, non-convertible debentures, market-linked debentures, and subordinated debt.

Mr. Adar Poonawalla, Chairman, PFL stated, “The financial services business has been identified to be of strategic importance for Cyrus Poonawalla Group. The current rating upgrade by CARE to AAA (Triple A) reaffirms the strength of the organization and its leadership along with its financial and operational excellence. This is an important milestone in our journey towards becoming a leader in financial services and is a testimony of our commitment towards building a strong institution.”

Commenting on the upgrade, Mr. Abhay Bhutada, MD, PFL, said, “This upgrade reflects our relentless focus on executing our stated strategy and building a strong foundation for long-term sustainable leadership in the industry. This upgraded rating would further strengthen our liability franchise and accelerate our growth journey in line with our vision and mission. We stay committed to being amongst the top 3 NBFCs in consumer and MSME segments through tech-enabled growth in a customer-centric manner and create value for all stakeholders”

The complete details of the rating upgrade can be found in the appended annexure.

About Poonawalla Fincorp

Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a Cyrus Poonawalla group promoted non-deposit taking systemically important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of India (RBI). The Company started operations nearly three decades back and is listed on the BSE Limited (BSE) and the National Stock Exchange in India (NSE). Consequent to the capital raise of Rs 3,456 Crore in May’21, the Company is now part of the Cyrus 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 wide coverage with 231 branches across 21 States. The Company along with its subsidiary has an AUM of ₹17,660 crores and employs more than 5,000 people. Its financial services offerings include pre-owned car finance, personal loans, loan to professionals, business loans, SME LAP, supply chain finance, medical equipment, consumer loans, and affordable home loans.

• For more information, please log on to:     www.poonawallafincorp.com

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A real-estate e-magazine named, “Dreams per square feet” was launched on 8th June 2022 at the Residency Club, Pune.

The magazine is a collaboration between Dreamworks University, Bellezaa Consultants, and DataTech Labs in association with Credai Maharashtra, BNI East & North Region, LeadCon, and Veriprop.

Umesh Pawar, Editor, Dreams Per Square Feet magazine says, “Through this magazine, we are covering learning of turning points, knowledge sharing and a transformation journey of successful entrepreneurs or real estate heroes. We are doing this to educate the buyer and make their property buying decision easy. This magazine will also help people wanting to enter the field of real estate as a full-time career.”

He added, “Dreams Per Square Feet is a collaboration of dreams, desire to achieve, and the decision and determination of like-minded individuals to make this happen.”

Satish Magar, Chairman, CREDAI National was invited as the guest of honor for the launch along with Shantilal Kataria, Vice Chairman, CREDAI National.

Mr. Magar said, “COVID-19 has changed the dynamics in every sector. Earlier, someone in their 50s used to purchase flats. But now the situation has changed as youth are not buying flats for their retirement but to enjoy their lives.”

He added further, “Dreams Per Square Feet is a good initiative. This magazine has covered all the pillars which are required to understand the situation of real estate. By going on a digital platform, the circulation will be more which will result in more people reading the magazine.”

Mr. Kataria said, “Real estate has a wide scope, particularly in Pune. As we are progressing ahead, the need of the hour is knowledge of real estate. The magazine will provide all the information starting from the purchase to the possession.”

“When someone purchases a flat they try to compare the different prices and this is the right platform which will answer all their questions like, ‘Where to buy, ‘How to buy, ‘When to buy, etc. I am confident that the ‘Dreams’ magazine will fulfill all the expectations of readers,” he added.

Talking about the collaboration in the magazine, Mubarak Ansari, Managing Editor of PunekarNews. says, “Pune is now the biggest player in the market when it comes to real estate. Pune ranks first when it comes to the number of flats sold in a city. We have ventured into national and regional news portals. There is a huge readership for real estate matters and this magazine will try to answer them.”

Considering the huge number of followers of the magazine’s partners through which it will be promoted, the magazine has got a monthly reach of about 30 lakh people.

The motive of this magazine is to provide information regarding real estate, the latest trends, buying patterns, etc. This magazine will not only help buyers choose what is the best for them but also will help people who are curious about the real estate market and want to make a future in it.

On the launch of the magazine CEO of The DataTech Labs Inc., Dr. Amit Andre has expressed his thoughts in his quote “Coming together is a new beginning, which is turned into progress by sticking together and the shared fruit is nothing but success.”

The technology disruption has influenced the real estate industry too. The fast-paced world has increased the demand for technology in every sector. To provide technical assistance especially AI-enabled tech support The DataTech Labs Inc. has collaborated with these real Estate giants and contributed to the launch of the magazine.

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