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). Magma Fincorp Limited went into business in 1988. In more than three decades, the company emerged as a trusted NBFC, addressing the growing and widening needs of more than 5 million customers, largely rural and semi-urban. The Poonawalla Group of Companies acquired a majority stake in Magma Fincorp Limited in the first quarter of FY 2021-22, following which it emerged as the promoter group of the company.
The new promoter owns 60 per cent of the company’s equity. The company 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 ₹14,000 crore. They offer a bouquet of financial products including SME finance, mortgage finance, unsecured loans and general insurance. The company’s physical presence is complemented by a digital footprint that empowers field executives to conduct business from channel and customer locations, enhancing sales productivity, deepening market coverage and improving the customer experience.
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