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Reserve Bank of India (RBI) registered NBFC, Magma Fincorp Limited has been rechristened as Poonawalla Fincorp Limited and has initiated rebranding activity, following the acquisition of controlling stake by Adar Poonawalla led Rising Sun Holdings Private Limited on 21st May 2021.
Along with this, its fully owned housing finance subsidiary Magma Housing Finance Limited is also renamed Poonawalla Housing Finance Limited.
“In its new avatar under the Poonawalla brand, the group will be focusing on the consumer and MSME segment,” the statement reads.
As a part of the new strategy, the company will expand its product range to include Personal Loans, Loans to Professionals, Merchant Cash advances, Loans against Property, Consumer Finance, and Machinery Loans along with existing products of Business Loan, Pre-Owned Car Loans, and Home Loans.
Earlier this month the board had approved a proposal to enter a co-branded credit card arrangement for issuance of co-branded credit cards, subject to obtaining necessary approvals from the regulatory authority(ies). The company offers complete transparency in its offerings with no hidden charges and a fully customer-centric approach.
Speaking on the development, 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,” Poonawalla added.