Poonawalla Fincorp

Poonawalla Fincorp Limited (formerly known as Magma Fincorp) is an Indian non-banking financial company (NBFC) that is engaged in consumer and MSME financing. It is headquartered in Pune and part of the Cyrus S. Poonawalla Group.

Poonawalla Fincorp Limited
TypePublic
IndustryFinancial services
Founded1988
HeadquartersPune, Maharashtra,
Key people
ServicesBusiness loan, Professional loan, Personal loan, Home loan, Loan against property, Pre-owned car loan, Medical equipment loan
RevenueIncrease 2,008 crore (US$250 million) (FY23)[3]
Increase 683 crore (US$86 million) (FY23)[3]
Websitepoonawallafincorp.com

History

1988–2020: As Magma Fincorp

The company was incorporated in 1988 by Mayank Poddar and Sanjay Chamria as Magma Leasing Limited. The company commenced operation in 1989.[4] In 1996, the company entered the retail financing business for vehicles and construction equipment.

In 2000, with the acquisition of Consortium Finance Ltd, the company expanded its network across Northern India. In 2007, Shrachi Infrastructure Finance merged with the company, increasing the company's footprint and status in southern and western India.[5] In the same year, the company formed a joint venture with International Tractors Limited (ITL) to enter tractor the financing business.[6] In 2008, the company re-branded and renamed itself as Magma Fincorp Limited.[7]

In 2009, the company inked a joint venture with German insurer HDI Global to enter the general insurance business.[8] The company commenced operations in 2012. The same year, the company pitched up a 7% stake in the newly formed Experian Credit Information Company of India Pvt Ltd, the Indian arm of the global credit information services company. In 2011, global PE firm Kohlberg Kravis Roberts and International Finance Corporation, an arm of the World Bank Group, invested about $100 million in the company.[9] In 2012, the company acquired GE Money Housing Finance and home equity loan portfolio of GE Money Financial Services from GE Capital India.[10]

In March 2015, Magma Fincorp received Rs. 500 Cr investment from KKR, Indium V and, LeapFrog Investments[11]

In 2016, Mayank Poddar stepped down as the chairman.[12] In April 2018, Magma Fincorp raised Rs. 500 Cr investment through QIP[13]

2021–present: Under Poonawalla Group

The company announced a major financial investment by Rising Sun Holdings, an Adar Poonawalla controlled company, in February 2021. Magma HDI announced a capital infusion in March 2021 by ICICI Ventures, Cyza Chem, and Morgan Stanley. After the investment by Rising Sun Holdings, the name of the company was changed from Magma Fincorp to Poonawalla Fincorp on 22 July 2021.[14]

In December 2022, Poonawalla Fincorp announced that it will sell its subsidiary Poonawalla Housing Finance to Perseus SG, a TPG Global entity, for 3,900 crore (US$490 million).[15]

References

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