Retail finance firm Magma Fincorp sets up office in Gurgaon

NEW DELHI: BSE listed retail finance firm Magma Fincorp on Monday announced it has set up its 56th office in north India.

The firm’s zonal head Sanjiv Jha said Magma has an existing base of over 10,000 customers in the NCR region.

“We expect Gurgaon to be a key growth driver for us across our product range; in the last financial year, we have disbursed Rs 397 crore in NCR and we plan to increase our business by 50% across product categories in the current fiscal,” Jha said in a statement.

Magma operates through branches in Punjab, Rajasthan, Haryana and UP. Magma Fincorp, a non-banking finance company, is registered with the Reserve Bank of India (RBI).

It has a joint venture with HDI Gerling, part of Talanx Group, Germany’s third largest insurance group, for a general insurance company in India.