The company is a Pune Based NBFC player which was earlier in the Traditional Financing and Insurance Products Business. The company was earlier named Magma Fincorp, but after the Poonawalla Group took over the company in May 2021, the company is now renamed as Poonawalla Fincorp Ltd. Now post the merger the company is operating in Personal loans, LAP, and has Consumer Finance, Supply Chain Finance, EMI Cards, and Machinery Loan products in its Pipeline. The Company now wants to move away from a traditional Financing Player to a fintech player.
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Magma Fincorp Limited (formerly Magma Leasing Limited) was incorporated in 1988 and commenced its operations in 1989.
To strengthen its business, the company merged with Arm Group Enterprises in 1992. In early 2007, to strengthen its services even more, Shrachi Infrastructure Finance Ltd. (SIFL), a non-banking retail financing company, was merged with Magma to create a new financial services powerhouse: Magma Shrachi Finance Limited. On August 2008, it was renamed as Magma Fincorp.
It is headquartered in Kolkata (India), and registered with the Reserve Bank of India and is represented by a qualified team of over 4500 Magmaites. In response to the rapidly evolving demand of an India on the move, they offer individual and corporate customers a range of financial products and services in: commercial vehicle finance, construction equipment finance, passenger car finance.
Interestingly, they rapid growth over the last few years is not just derived from company conscious initiative in growing company physical infrastructure; it originates in the prudent investments that they have made in lasting relationships - with team members, alliance partners, customers and vendors As a result, they have achieved a compounded annual growth rate of over 70 per cent over the last three years. They have outperformed the growth in the Indian financing industry. And in doing so, the company has emerged as a dynamic industry proxy Now by the same approach, they expect to make this growth as sure as company expect to make it sustainable. Resulting in an organization that is stronger and more responsive to growing needs of a dynamic nation.Today, it offers its services in 22 states through 303 branches.
Services offered by the company:
Magma possesses a diversified product portfolio: loans for cars and utility vehicles, commercial vehicles, construction equipment, tractors, used vehicles, SME businesses, mortgage finance as well as Housing Finance and General Insurance. In 2012-13 year, Magma launched loans for Mortgaged Finance following the acquisition of the mortgage business of GE India. Magma entered in to General Insurance business through Magma HDI General Insurance Company, a joint venture with HDI Global SE. The HDI Global SE brand, is a part of Hannover based Talanx group, the third-largest German insurance Group operating in around 150 countires of the world.
Magma Fincorp gets R1 approval from IRDA to launch general insurance business
Magma Fincorp acquires GE Capital India's Housing Finance & Home Equity Loans Businesses
-Magma Fincorp successfully completes the acquisition of 100% equity share capital of GE Money Housing Finance.
-Magma Fincorp completes GE Money Housing Finance deal, also acquires Religares Auto Lease business.
-Magma launches Tyre Loan for Existing Customers
-Magma Fincorp board approves grant of Awards under Magma Restricted Stock Option Plan 2014