Originally founded in 1988 as Magma Leasing Limited, the company grew into a prominent asset-backed non-banking financial company (NBFC) in India, known as Magma Fincorp. It offered a range of financial products, including financing for vehicles, tractors, and small to medium-sized enterprises (SMEs), as well as insurance. In May 2021, following a significant capital infusion and acquisition by Rising Sun Holdings Private Limited (a company owned and controlled by Adar Poonawalla), Magma Fincorp was rebranded to Poonawalla Fincorp Limited. The new entity focuses on consumer and small business financing through a technology-led, digital-first approach.

Founded in

Australia