Poonawalla Fincorp (formerly known as Magma Fincorp), having its registered office in Pune, India is a publicly held Non-Banking Finance Company (NBFC) engaged in providing finance through its pan India branch network.
The company is registered as a non-deposit taking NBFC as defined under Section 45-IA of the Reserve Bank of India (RBI) Act, 1934. The Company is also registered as a corporate agent under Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015. Its equity shares are listed on National Stock Exchange and Bombay Stock Exchange.
Business area of the company
The company is a technology-led, customer-first NBFC, backed by the legacy and trust of the Cyrus Poonawalla Group. The company focuses on delivering responsible credit across consumer and MSME segments, guided by a strong risk-first and governance-first approach. Its diversified lending portfolio spans across secured and unsecured products designed to meet the evolving needs of its customers.
Products of the company
- Instant Loan
- Personal Loan
- Flexi Prime Personal Loan
- Instant Business Loan
- Business Loan
- Commercial Vehicle Loan
- Consumer Durable Loan
- Gold Loan
- Education Loan
- Professional Loan
- Pre-Owned Car Loan
- Loan Against Property
- Medical Equipment Loan
- Machinery Loan
Awards and recognitions
- 2022: Best NBFC in Customer Service of the Year at 4th Annual India NBFC Summit & Awards 2022.
- 2022: Best Digital NBFC of the Year at 4th Annual India NBFC Summit & Awards 2022.
- 2022: Case Study Competition - Gold Award at 37th Annual Convention of QCFI 2022.
- 2022: The Economic Times Best Brands 2022 at 5th edition of Economic Times Conclave.
- 2022: Cybersecurity Financial Team of the Year at Cybersecurity Excellence Awards 2022
- 2023: Risk Management Team of the Year at 5th Edition of CRO Leadership Summit & Awards 2023.
- 2023: Excellence in Corporate Governance at 4th Edition of Audit and Risk Summit & Awards 2023.
- 2023: Best Customer Experience - NBFC at 2nd Annual Excellence Awards 2023.
- 2023: Healthy Workplace of the Year by Arogya World in 2023.
- 2023: Risk Management Team of the Year by Golden Peacock Awards in 2023.
- 2023: Compliance and Legal Team of the Year at 3rd Edition of Future of Legal & Compliance Summit & Awards 2023.
- 2024: Best Social Welfare Initiative of the Year at the Indian Social Impact Award 2024.
- 2024: Rising Corporate Legal & Compliance Team of the year at Lex Falcon Global Awards India 2024.
- 2025: Most Innovative Practice Award 2025 for AI in Underwriting Solution and AI in Hiring Solution at the 2nd Edition of the CII National Artificial Intelligence (AI) Awards 2025.
- 2025: BFSI Technology Awards for Customer Experience at Express BFSI Technology Award 2025.
- 2025: Winner in the Future of Work at the 3rd FICCI National HR Innovation Awards 2025.
- 2025: Technology Senate Awards 2025 in Artificial Intelligence at The Indian Express Groups and Express Computer.
- 2026: Prestigious Brands of Asia at 19th Edition of Prestigious Brands of Asia 2026.
Milestones
- 2011: Magma Fincorp gets R1 approval from IRDA to launch general insurance business.
- 2012: Magma Fincorp acquires GE Capital India's Housing Finance & Home Equity Loans Businesses.
- 2013: Magma Fincorp successfully completes the acquisition of 100% equity share capital of GE Money Housing Finance.
- 2013: Magma Fincorp completes GE Money Housing Finance deal, also acquires Religares Auto Lease business.
- 2014: Magma launches Tyre Loan for Existing Customers.
- 2015: Magma Fincorp board approves grant of Awards under Magma Restricted Stock Option Plan 2014.
- FY2021-22: Rising Sun Holdings Private Limited acquired controlling stake in Magma Fincorp in May-2021.
- FY2021-22: Rebranded Magma Fincorp to Poonawalla Fincorp in July-2021.
- FY2021-22: Restructured the business. Achieved two-notch upgrade in long-term credit rating to 'AA+/Stable' by CRISIL & CARE Ratings.
- FY2022-23: Upgrade in Credit Ratings to 'AAA/Stable' by CRISIL & CARE Ratings.
- FY2022-23: Recognized among the most preferred workplaces 2022–2023 by Marksmen Daily in association with India Today.
- FY2022-23: Rolled out Digital transformation initiatives: Implemented LOS, LMS and ERP systems. Launched future-ready Human Capital Programs: Competency framework, Learning & development, and Productivity enhancements.
- FY2023-24: Achieved AUM milestone of Rs 25,000+ Crore. Launched and scaled up mobile application.
- FY2023-24: Maintained 'AAA/Stable' rating from CRISIL and CARE.
- FY2023-24: Ranked amongst the top 50 Best Workplaces in BFSI in India for 2024 by Great Place To Work (GPTW).
- FY2024-25: Appointment of Arvind Kapil as MD & CEO in June-2024.
- FY2024-25: Investment in growth initiatives across People, Technology and Distribution.
- FY2024-25: Product diversification and AI-first approach across functions.
- FY2024-25: Expand ‘Phygital’ model to engage with customers across touch points and cross-sell to customer cohorts at lower acquisition cost.
- FY2024-25: Strengthen risk management framework.
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