The Ken did a story on Poonawalla Fincorp last week. It’s behind a paywall, but here are the four key summary points.
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Poonawalla Fincorp, born out of a merger between Poonawalla Finance and Magma Fincorp, recently registered its best-ever quarter. And the credit goes to a makeover.
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The company has taken Magma Fincorp apart brick by brick to rebuild it with a retail and digital product suite and a new set of urban, more credit-worthy customers.
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Instead of investing its energy and monies in collections—as Magma Fincorp did—Poonawalla Fincorp has created a tight entry barrier for its customers. But in the process, it has been leaking old hands.
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Throughout 2022 and early 2023, the company witnessed heavy attrition. So much so that there are only a handful of senior Magma employees left in the company. Mid-level Poonawalla employees are quitting too.
Link to the full story: Poonawalla Fincorp is not interested in Magma customers. Magma employees are not interested in Poonawalla Fincorp – The Ken
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