Mumbai, Jul 22 (PTI) The Poonawalla Group, which has taken over the leading non-banking lender Magma Fincorp on Thursday announced a name change for the company as Poonawalla Fincorp.

Rising Sun Holdings, an Adar Poonawalla-led company, had in May 2021 completed the Rs 3,456-crore takeover of Magma Fincorp along with this, its fully-owned housing finance arm Magma Housing Finance, which will now be known as Poonawalla Housing Finance.

Poonawalla Fincorp will now be focusing on consumer and MSME loans, a statement from the company said, adding as part of this, it will offer personal and professional loans, merchant cash advance, loan against property, consumer finance, and machinery loans.

*********************** Personal care startup Beco raises Rs 4 cr

*Mumbai-based home and personal care brand Beco has raised Rs 4 crore in the seed round led by Climate Angels Fund, Titan Capital, Better Capital, Rukam Capital, Sequoia Sprout, and Zivame founder Richa Kar.

The startup, founded in 2019, claims to offer only eco-friendly and zero plastic products and will use the funds for expansion.

Its product range of household items are made of bamboo and cornstarch, and has no plastic components.

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