Magma Fincorp Limited has been renamed as Poonawalla Fincorp Limited following acquisition of controlling stake by Adar Poonawalla led Rising Sun Holdings Private Limited on May 21, 2021.
Further, its fully owned housing finance subsidiary Magma Housing Finance Limited is also renamed as Poonawalla Housing Finance Limited, the company said in a release today.
The group will be focusing on consumer and MSME segment and as part of new strategy, the company will expand its product range to include personal, professional loans, merchant cash advance, loan against property, consumer finance and machinery loans along with existing products.
Earlier this month, the company's board had approved a proposal to enter a co-branded credit card arrangement for issuance of co-branded credit card, subject to necessary regulatory approvals
"...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," said Adar Poonawalla, chairman, Poonawalla Fincorp Ltd.
