MUMBAI, 19 MAY, 2023 (GPN):  Poonawalla Fincorp, led by Adar Poonawalla, has experienced a meteoric rise in the financial industry. The nearly $3 billion worth non-banking financial institution has witnessed record-breaking quarterly profits, net income, and loan disbursals in its 23 months of operations. Their assets under management grew significantly – 37% YoY to INR 16,143 crore; and now Poonawalla Fincorp is charting a new path by targeting diverse customers, offering innovative products, and embracing digital transformation.

Poonawalla Fincorp’s rapid growth showcases their strategic acquisitions, strong financial performance, and commitment to innovation, positioning them as a key player in the market. The architect of Poonawalla Fincorp’s remarkable ascent is its Managing Director,Abhay Bhutada.

Abhay’s focus on merging operations, optimizing costs through a branch lite model, eliminating non-performing Magma products, and relocating the base to Pune has contributed to the success of Poonawalla Fincorp.

Recognized for building a tech-led and digital-first financial services company, with superior asset quality and profitability, Abhay’s ability to innovate, anticipate future trends, and build a robust digital ecosystem has positioned Poonawalla Fincorp as a preferred lender with leadership in consumer and MSME financing.

In his own words, “We have led the way in building a real fintech model at scale, with best-in-class asset quality and superior profitability. Our ability to innovate, understand future trends, deliver at pace, and build a strong digital eco-system, has made us a lender of choice”.

Abhay’s expertise in the lending business was evident with his entrepreneurial venture, TAB Capital Limited, a digital-lending NBFC focused on retail loans, including MSME and consumer lending, running it successfully for 3 years as a Founder, Chairman and Managing Director. TAB Capital was later acquired by the Poonawalla group in 2019, thus forming Poonawalla Finance Private Limited which adopted a digital-focused lending approach.

Abhay was instrumental in setting up the lending business for Poonawalla Finance Private Limited in the capacity of MD & CEO. In 2021, Abhay led the successful acquisition and integration of a three-decade-old financial services conglomerate, with complete revamp of business strategy and rebranding the entity as Poonawalla Fincorp. He focused on implementing tech-led and digital-first lending resulting in a ramp up in Poonawalla Fincorp’s business over the last 2 years.

Actively involved in renowned industry forums like CII, ASSOCHAM, FICCI, and FIDC, Abhay also contributes to corporate social responsibility initiatives in healthcare and education. His achievements have earned him prestigious accolades, including “Young Entrepreneur of India 2017,” “Promising Entrepreneur of India 2019,”, “40 under 40 Most Influential Leader for 2020-21”, and “Global Indian of the Year 2023”.

Abhay Bhutada’s leadership exemplifies the dedication, clarity, and conviction required to build a successful business. By pushing the boundaries of traditional finance through technology and delivering outstanding results, leaders like him inspire the industry. As the financial services space continues to evolve, the future holds exciting possibilities, driven by the advent of new technologies.Ends