To install click the Add extension button. That's it.

The source code for the WIKI 2 extension is being checked by specialists of the Mozilla Foundation, Google, and Apple. You could also do it yourself at any point in time.

4,5
Kelly Slayton
Congratulations on this excellent venture… what a great idea!
Alexander Grigorievskiy
I use WIKI 2 every day and almost forgot how the original Wikipedia looks like.
Live Statistics
English Articles
Improved in 24 Hours
Added in 24 Hours
What we do. Every page goes through several hundred of perfecting techniques; in live mode. Quite the same Wikipedia. Just better.
.
Leo
Newton
Brights
Milds

Poonawalla Fincorp

From Wikipedia, the free encyclopedia

Poonawalla Fincorp Limited
TypePublic
IndustryFinancial services
Founded1988
HeadquartersPune, Maharashtra,
Key people
ServicesBusiness loan, Professional loan, Personal loan, Home loan, Loan against property, Pre-owned car loan, Medical equipment loan
RevenueIncrease 2,008 crore (US$250 million) (FY23)[3]
Increase 683 crore (US$86 million) (FY23)[3]
Websitepoonawallafincorp.com

Poonawalla Fincorp Limited (formerly known as Magma Fincorp) is an Indian non-banking financial company (NBFC) that is engaged in consumer and MSME financing. It is headquartered in Pune and part of the Cyrus Poonawalla Group.

YouTube Encyclopedic

  • 1/3
    Views:
    17 934
    80 447
    1 177
  • Poonawalla Fincorp in Action II Promoter Buying#poonawala #promter #buying #rakeshbansal
  • 🚨Poonawalla Fincorp Red Alert| ITC Stock Strong Move ఇప్పుడు ఏంచెయ్యాలి? Yes Bank,IDFC Bank,Vodafone
  • Poonawalla Fincorp | Case Study | Data Deepdive | Business Analysis | By Jayant Mundhra

Transcription

History

1988–2020: As Magma Fincorp

The company was incorporated in 1988 by Mayank Poddar and Sanjay Chamria as Magma Leasing Limited. The company commenced operation 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 the company's 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 tractor the financing business.[6] In 2008, the company re-branded and renamed itself as Magma Fincorp Limited.[7]

In 2009, the company inked a joint venture with German insurer HDI Global to enter the general insurance business.[8] The company commenced operations in 2012. The same year, the company pitched up a 7% stake in the newly formed 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 home equity loan portfolio of GE Money Financial Services from GE Capital India.[10]

In March 2015, Magma Fincorp received Rs. 500 Cr investment from KKR, Indium V and, LeapFrog Investments[11]

In 2016, Mayank Poddar stepped down as the chairman.[12] In April 2018, Magma Fincorp raised Rs. 500 Cr investment through QIP[13]

2021–present: Under Poonawalla Group

The company announced a major financial investment by Rising Sun Holdings, an Adar Poonawalla controlled company, in February 2021. Magma HDI announced a capital infusion in March 2021 by ICICI Ventures, Cyza Chem, and Morgan Stanley. After the investment by Rising Sun Holdings, the name of the company was changed from Magma Fincorp to Poonawalla Fincorp on 22 July 2021.[14]

In December 2022, Poonawalla Fincorp announced that it will sell its subsidiary Poonawalla Housing Finance to Perseus SG, a TPG Global entity, for 3,900 crore (US$490 million).[15]

References

  1. ^ "Adar Poonawalla appointed as chairman of Magma Fincorp". 31 May 2021.
  2. ^ "Poonawalla Fincorp bets big on digital and organic growth, says MD".
  3. ^ 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.
  4. ^ 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.
  5. ^ "Information : Magma Fincorp Ltd".
  6. ^ "Magma ties up with International Tractors". The Hindu. Chennai, India. 11 August 2007. Archived from the original on 24 January 2009.
  7. ^ "Magma renames itself, sees 43 percent loan disbursal growth this fiscal".
  8. ^ "Magma inks JV with German Insurer HDI Gerling, to enter General Insurance Business".
  9. ^ "Magma Fincorp Raises $100M From KKR, IFC".
  10. ^ Leena, S. Bridget (8 November 2012). "Magma Fincorp buys GE Capital India's home loan businesses". Mint. Retrieved 6 January 2023.
  11. ^ "KKR, Indium, LeapFrog to invest Rs 500 cr in Magma Fincorp". Business Standard. 30 March 2015.
  12. ^ "Mayank Poddar steps down as Magma Fincorp Chairman". The Hindu Businessline. 17 August 2016. Retrieved 6 January 2023.
  13. ^ "Magma Fincorp raises Rs500 crore through QIP". 19 April 2018.
  14. ^ "Magma Fincorp is now Poonawalla Fincorp". @businessline. Retrieved 23 July 2021.
  15. ^ 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.
This page was last edited on 26 December 2023, at 10:10
Basis of this page is in Wikipedia. Text is available under the CC BY-SA 3.0 Unported License. Non-text media are available under their specified licenses. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc. WIKI 2 is an independent company and has no affiliation with Wikimedia Foundation.