Magma Fincorp is an asset finance non-banking finance company offering financing for utility vehicles, cars, commercial vehicles, construction equipment, tractors and SME loans. The company also has a joint venture to start a general insurance business and is listed on the Bombay Stock Exchange and National Stock Exchange. Management says the fresh capital will support growth in existing businesses and entry into newer areas, with plans to expand its footprint in semi-urban and rural regions and specific states named in the announcement. Magma reported over 2.36 lac customers, assets under management of Rs. 10,907 crores, 171 branches across 20 states and 1 union territory, and roughly 5,150 employees. Leadership expects to increase disbursements by 50% in FY12, reduce reliance on securitization and maintain healthy NIM through greater contribution from higher-yielding products.

Total raised

$97M

Funding rounds

1

Latest round

Equity

Latest activity

May 2011