Magma Fincorp renamed as Poonawalla Fincorp Limited

Magma Fincorp, an Indian non-banking finance company (NBFC), owned by Adar Poonawalla-controlled Rising Sun Holdings, has changed its name to Poonawalla Fincorp Limited.

The company said that it has started rebranding activity following the name change.

It can be recalled that Rising Sun Holdings had acquired a controlling stake in the company earlier this year.

Additionally, Magma Fincorp’s 100% owned housing finance subsidiary – Magma Housing Finance Limited has also gone through a name change. The housing finance provider will now operate as Poonawalla Housing Finance Limited.

Under Poonawalla brand, the group will focus on consumer and MSME segments.

As a part of a new strategy, Poonawalla Fincorp will grow its product range to include personal loans, merchant cash advance, loans to professionals, loans against property, machinery loans, and consumer finance. These products join business loans, home loans, and pre-owned car loans that are already being offered by the company.

Earlier this month, the company’s board had sanctioned a proposal to enter into a co-branded credit card arrangement for issuing co-branded credit cards, which will be conditional upon securing required regulatory approvals.

Adar Poonawalla – Chairman of Poonawalla Fincorp Limited said: “We are delighted to announce the rebranding of Magma Fincorp under the Poonawalla brand as “Poonawalla Fincorp”. This marks the beginning of not only a change of brand but the fundamental way in which we will do business.

“From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations.”