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.
Sector Overview
This story is from the December 06, 2021 edition of Dalal Street Investment Journal.
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This story is from the December 06, 2021 edition of Dalal Street Investment Journal.
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