Magma Fincorp Limited (formerly Magma Leasing Limited) was incorporated in 1988 and commenced operations in 1989 in Kolkata. To strengthen its business, the company merged with ARM Group Enterprises in 1992 and acquired Consortium Finance Limited, a north based NBFC in 2000.
In early 2007, Magma acquired Shrachi Infrastructure Finance Ltd. (SIFL), a non-banking retail financing company having network in West and South India. The combined entity was renamed Magma Shrachi Finance Ltd.
On August 2008, the company was rechristened as Magma Fincorp.
It is headquartered in Kolkata (India), and registered with the Reserve Bank of India as an asset financing NBFC. Magma is listed on National Stock Exchange and Bombay Stock Exchange.
Magma today has a pan India presence with over 190 locations in 21 states and represented by a qualified team of over 5000 Magmaites. Over 82% of branches are located in rural and semi rural areas and about 60% of customers are from the hinterlands. The deep rural and semi urban presence further emphasises Magma's motto of providing equality of opportunity to the economically disenfranchised. Magma today is one of the largest asset finance companies and carries an asset base of Rs 11,378 crore.