Poonawalla Fincorp Limited (previously Magma Fincorp) is a Pune based non-banking financial company registered with the Reserve Bank of India as an Asset Finance Company with registered office in Kolkata. The company operates more than 295 branches in 22 states and a union territory and has a strong presence in rural and semi-rural India. The company was incorporated in 1988 by Mr. Mayank Poddar and Mr. Sanjay Chamria as Magma Leasing Limited. The company commenced operation in 1989. In 1996, the company entered retail financing business for vehicles and construction equipment. In the year 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 in southern and western India. In the same year, the company formed a joint venture with International Tractors Limited (ITL) to enter tractor financing business. In 2008, the company re-branded and renamed itself as Magma Fincorp Limited. In 2009, the company inked a joint venture with German insurer HDI Global to enter general insurance business. The company commenced operations in 2012. The same year, the company picked up 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, Kohlberg Kravis Roberts – a large global PE firm and International Finance Corporation, an arm of the World Bank Group invested about $100 mn in the company. In 2012, the company acquired GE Money Housing Finance and GE Money Financial Services. In 2016 Mr. Mayank Poddar stepped down as the chairman. In March 2015, Magma Fincorp received Rs.500 Cr investment from KKR, Indium V and LeapFrog Investments. In April 2018, Magma Fincorp raised Rs.500 Cr investment through QIP. The Company announced a major financial investment by Rising Sun Holdings, a Adar Poonawalla controlled company in February 2021. Magma HDI announced capital infusion in March 2021 by ICICI Ventures, Cyza Chem and Morgan Stanley. Subsequent to the investment by Rising Sun Holdings, the name of the company was changed from Magma Fincorp to Poonawalla Fincorp on 22 July 2021.