Magma Fincorp

Magma Fincorp Limited (MFL) is a Kolkata based non-banking financial company registered with the Reserve Bank of India as an Asset Finance Company. The company operates 235+ branches across 21 states and a union territory and has a strong presence in rural and semi-rural India.

History

Magma Fincorp Limited (formally known as Magma Leasing Limited) was incorporated in 1988 and commenced operation in 1989. In 1992, the company merged with Arm Group Enterprises to strengthen its presence and later in 1996 entered retail financing business for vehicles and construction equipment. In the year 2000, with the Acquisition of Consortium Finance Ltd, Magma expanded its network across Northern India. In 2007, Schrachi Infrastructure Finance merged with Magma 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 finance business. In 2008, Magma re-branded and renamed itself as Magma Fincorp Limited. In 2009, Magma inked a joint venture with German insurer HDI Gerling to enter general insurance business. The company has received its R1 license in April 2011. In the same year, Magma 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 Magma.