Magma Fincorp Limited, an RBI-registered non-bank finance (NBFC) company, was renamed Poonawalla Fincorp Limited and started rebranding business, following the acquisition of a controlling stake by Rising Sun Holdings Private Limited run by Adar Poonawalla on the 21st year.
At the same time, its wholly owned housing finance subsidiary Magma Housing Finance Limited is also renamed Poonawalla Housing Finance Limited.
A press release issued by Poonawalla Fincorp said that in its new avatar under the Poonawalla brand, the group will focus on the consumer and MSME segment. As part of the new strategy, the company will expand its product line to include personal loans, business loans, merchant cash advances, home loans, consumer loans and machine loans, as well as existing business loan products, used cars. loans and mortgages.
Co-branded credit card
Earlier this month, the board approved a proposal to enter into a co-branded credit card agreement for co-branded credit card issuance, subject to obtaining the necessary approvals from regulators.
Adar Poonawalla, President of Poonawalla Fincorp Limited, said in the statement, “This marks the start of not only a rebranding, but also the fundamental way we are going to do business. New products at new geographic locations across India; we hope to be of service to every citizen, helping them to achieve their personal and professional aspirations.
Poonawalla Fincorp Limited started operations almost three decades ago and is listed on BSE Limited and the National Stock Exchange in India. Following the capital increase of 3,456 crore in May, the company is now part of the Poonawalla group with a majority stake held by Rising Sun Holdings Private Limited, a company owned and controlled by Adar Poonawalla.
The company operates in 21 states with 297 branches and has a customer base of approximately 5.4 million with a loan portfolio of over 14,000 crore. Poonawalla Fincorp offers a variety of financial products, including SME finance, mortgage finance, unsecured loans and general insurance.