Poonawalla Fincorp Limited, formerly Magma Fincorp Limited, is a prominent non-banking finance company headquartered in Kolkata, India. It offers a diverse range of financial services including asset finance, vehicle and equipment finance, SME loans, and insurance products. The company, which began operations in 1978 as Magma Leasing Pvt Ltd, has evolved through strategic mergers and partnerships, expanding its reach and services across India. In recent years, it has undergone substantial transformation, including rebranding under the Poonawalla brand following a significant capital infusion and acquisition by Rising Sun Holdings Private Limited.
The company has streamlined its operations with technological advancements like the Direct Digital Program and a new Collections System to enhance customer reach and service efficiency. As of March 31, 2023, Poonawalla Fincorp operates 85 branches across 19 states, reflecting its commitment to providing comprehensive financial solutions throughout India. Additionally, the company's transition to NBFC-ML under RBI's Scale Based Regulation framework signifies its robust positioning in the financial sector.
