KPR Mill
Poonawala Fincorp is a Pune-based non-banking financial company (NBFC), formerly known as Magma Fincorp. Adar Poonawala, chief executive officer (CEO) of Serum Institute of India, the firm behind Covishield vaccine, recently took controlling stake in the company. Shares of the company surged 431% in 2021.
Poonawala Fincorp operates in retail finance, SME finance, housing finance and general insurance business. The NBFC reported a 151% rise in consolidated net profit at ₹95.5 crore in September quarter on reduction in interest and credit costs. The company is planning to raise its assets under management (AUM) to ₹45,000 crore by 2025, almost triple from the current levels of ₹15,275 crore.