Magma Fincorp has been renamed Poonawalla Fincorp and has initiated rebranding activity.

This comes after the Adar Poonawalla-led Rising Sun Holdings acquired a controlling stake in the NBFC on May 21.

“Along with this, its fully-owned housing finance subsidiary Magma Housing Finance is also renamed as Poonawalla Housing Finance,” the company said in a statement on Thursday.

Under the new branding, the group will be focussing on the consumer and MSME segments. It will also expand its product range to include personal loans, loans to professionals, merchant cash advance, loans against property, consumer finance, and machinery loans along with existing products of business loans, pre-owned car loans and home loans.

“This marks the beginning of not only a change of brand but the fundamental way in which we will do business. From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations,” said Adar Poonawalla, Chairman, Poonawalla Fincorp.