The US FDA’s proposed rule on laboratory-developed tests: Impacts on clinical laboratory testing
 | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 1988 |
| Headquarters | Pune, Maharashtra, |
Key people |
|
| Services | Business loan, Professional loan, Personal loan, Home loan, Loan against property, Pre-owned car loan, Medical equipment loan |
| Revenue |  ₹2,008 crore (US$230 million) (FY23)[3] |
| ₹683 crore (US$80 million) (FY23)[3] | |
| Website | poonawallafincorp |
Poonawalla Fincorp Limited (formerly Magma Fincorp) is an Indian non-banking financial company (NBFC) engaged in consumer and MSME financing. It is headquartered in Pune and is part of the Cyrus Poonawalla Group.
History
1988–2020: As Magma Fincorp
The company was incorporated in 1988 by Mayank Poddar and Sanjay Chamria as Magma Leasing Limited and commenced operations 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 its 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 the tractor financing business.[6] In 2008, the company rebranded and renamed itself Magma Fincorp Limited.[7]
In 2009, the company formed a joint venture with German insurer HDI Global to enter the general insurance business.[8] Operations commenced in 2012. The same year, the company acquired a 7% stake in 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 the home equity loan portfolio of GE Money Financial Services from GE Capital India.[10]
In March 2015, Magma Fincorp received a Rs. 500 Cr investment from KKR, Indium V, and LeapFrog Investments.[11]
In 2016, Mayank Poddar stepped down as chairman.[12] In April 2018, Magma Fincorp raised Rs. 500 Cr through a QIP.[13]
2021–present: Under Poonawalla Group
The company announced a significant financial investment by Rising Sun Holdings, a company controlled by Adar Poonawalla, in February 2021. In March 2021, Magma HDI announced a capital infusion by ICICI Ventures, Cyza Chem, and Morgan Stanley. Following the investment by Rising Sun Holdings, the company changed its name from Magma Fincorp to Poonawalla Fincorp on 22 July 2021.[14]
In December 2022, Poonawalla Fincorp announced the sale of its subsidiary, Poonawalla Housing Finance, to Perseus SG, an entity of TPG Global, for ₹3,900 crore (US$460 million).[15]
References
- ^ "Adar Poonawalla appointed as chairman of Magma Fincorp". 31 May 2021.
- ^ "Arvind Kapil named CEO of Poonawalla Fincorp". The Economic Times. 19 March 2024.
- ^ a b "Poonawalla Fincorp Ltd consolidated Q4 FY2022-23 net profit higher at Rs. 198.37 crores". EquityBulls. 26 April 2023. Retrieved 26 June 2023.
- ^ Himatsingka, Anuradha; Ray, Atmadip. "I always had the passion to set up a business: Sanjay Chamria, Magma Fincorp". The Economic Times. Retrieved 6 January 2023.
- ^ "Information : Magma Fincorp Ltd".
- ^ "Magma ties up with International Tractors". The Hindu. Chennai, India. 11 August 2007. Archived from the original on 24 January 2009.
- ^ "Magma renames itself, sees 43 percent loan disbursal growth this fiscal".
- ^ "Magma inks JV with German Insurer HDI Gerling, to enter General Insurance Business".
- ^ "Magma Fincorp Raises $100M From KKR, IFC".
- ^ Leena, S. Bridget (8 November 2012). "Magma Fincorp buys GE Capital India's home loan businesses". Mint. Retrieved 6 January 2023.
- ^ "KKR, Indium, LeapFrog to invest Rs 500 cr in Magma Fincorp". Business Standard. 30 March 2015.
- ^ "Mayank Poddar steps down as Magma Fincorp Chairman". The Hindu Businessline. 17 August 2016. Retrieved 6 January 2023.
- ^ "Magma Fincorp raises Rs500 crore through QIP". 19 April 2018.
- ^ "Magma Fincorp is now Poonawalla Fincorp". @businessline. 22 July 2021. Retrieved 23 July 2021.
- ^ Ray, Atmadip. "Poonawalla Housing Finance to be sold to Perseus SG Pte Ltd for Rs 3,900 crore". The Economic Times. Retrieved 6 January 2023.
