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Key theme |
The company provides financial products and services to individual and corporate customers. Its fund-based product portfolio provides finance for commercial vehicles, cars and multi-utility vehicles, construction equipment, tractors, SME loan and distribution of insurance. These services offer cross-sell opportunities, address customer needs, and help position the company as a one-stop shop in the retail financing market.
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Mission |
Continue service excellence in retail financing to bring prosperity
and happiness to all.
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Vision |
To become India's largest retail financing company.
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Brief history |
Magma (Formerly Magma Leasing Limited) was incorporated in 1988 and commenced operations in 1989. During the past five years Magma has emerged as one of India's largest retail asset financing companies.
In 2007 Shrachi Infrastructure Finance merged with Magma increasing the company's footprints in southern and western India. Magma is headquartered in Kolkata, India.
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Corporate philosophy |
To bring equality of opportunity to the economically disenfranchised
of the country.
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Milestones |
1989 - Magma commenced operations. 1996 - Entered into retail financing business for vehicles and construction equipment. 1998 - Expansion of retail financing operations in Orissa and Chhattisgarh resulting in an expansion of distribution network in eastern India. 2000 - Acquisition of Consortium Finance Ltd resulting in an expansion of network across 40 branches in Northern and Eastern India 2001 - Entered into strategic joint financing agreement with CITI CORP 2003 - Entered into a strategic arrangement with ICICI Bank 2005 - Launched fee based business - Insurance & Personal loan 2006 - Rolled out two new products - Used Vehicle Finance and Strategic Construction equipment 2006 - Magma Leasing - Shrachi Infrastructure merger was announced. Magma also entered into a strategic tie up as a preferred financier of Maruti cars. 2007 - Integration of Magma Leasing and Shrachi Finance merger completed - Pan India footprint with 160 offices in 20 states and an asset base of over Rs. 6400 crore. 2007 - Magma Shrachi enters tractor finance, signs joint venture with International Tractors Limited (ITL) 2008 - Magma completed a major rebranding exercise and renamed itself Magma Fincorp Limited 2009 - Entered into a tie-up with Ashok Leyland for financing of commercial vehicles. 2009 - Magma inks JV with German insurer HDI Gerling to enter general insurance business. 2009 - Magma owns 7% stake in the newly formed Experian Credit Information Company of India Pvt Ltd, the Indian Credit Information Company (CIC) arm of the global information services company, Experian.
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Product portfolio |
Commercial Vehicles and Used Vehicle
Magma is a prominent player in commercial vehicle finance in each of the states it operates in. Passenger Cars and Multi-utility Vehicles
Magma's primary focus lies in servicing the growing, yet under-penetrated, semi-urban and rural markets through a chain of regional offices, branch offices and pocket offices. Construction Equipment
Magma's finance to first-time buyers and small customers has helped a number of machine operators become entrepreneurs in their own right. Strategic Construction Equipment
Magma's finances established entrepreneurs in this space. These entrepreneurs usually had a small beginning and later grew with Magma's help. Tractor
Magma extended its activities to the financing of tractors in 2007-08 through a JV with International Tractors Limited and other players like Eicher, TAFE and Escorts Mahindra. The product is in line with Magma's focus on rural markets. SME Loan
The Company provides unsecured EMI based loans to SMEs for working capital, business expansion and business maintenance. Insurance
Magma has arrangements with third party insurance companies to facilitate cross sell of their products to captive and non captive customers.
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Business USP |
- Focus on first-time buyers (FTBs) and first-time users (FTUs)
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Reach |
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Promoters |
Mr Mayank Poddar- Chairman Mr S K Todi, Vice Chairman Mr Sanjay Chamria, Vice Chairman & Managing Director Mr Ravi Todi, Joint Managing Director
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