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Poonawalla Fincorp and IndusInd Bank Launch Co-Branded RuPay Credit Card

Poonawalla Fincorp Limited, in partnership with IndusInd Bank, has introduced the co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’. This new card, designed to enhance customer experience with rewards and benefits, is available without any joining or annual fees. Users can earn rewards for every ₹100 spent, including UPI transactions, and benefit from 2.5 times reward points on e-commerce transactions. Additional perks include a ₹0.40 cash credit per reward point, buy-one-get-one movie ticket offers through BookMyShow, a 1% fuel surcharge waiver, and milestone achievement rewards.

Key Features and Benefits

  • Reward Points: Earn rewards for every ₹100 spent, with 2.5 times points on e-commerce transactions.
  • No Fees: No joining or annual fees.
  • Additional Perks: Buy-one-get-one movie tickets, 1% fuel surcharge waiver, and milestone rewards.

Strategic Importance and Financial Impact

Abhay Bhutada, Managing Director of Poonawalla Fincorp, emphasized the strategic significance of this launch in enhancing digital engagement and expanding their customer base. The announcement follows a period of strong financial performance for Poonawalla Fincorp, which reported a record net profit of ₹332 crore for the quarter ended March 31, 2023, marking an 84% increase year-over-year.

Financial Highlights

  • Quarterly Net Profit: ₹332 crore, up 84% year-over-year.
  • Annual Net Profit: ₹1,027 crore for FY 2023-24, an 83% increase.
  • Revenue and AUM Growth: Annual revenue increased to ₹915 crore; assets under management grew by 55% to ₹25,003 crore.

Market Response and Future Outlook

Despite the positive financial news, Poonawalla Fincorp’s shares were down by 0.87% to ₹445.15 at 10.50 am on the BSE. The new credit card aims to leverage Poonawalla Fincorp’s customer insights and IndusInd Bank’s banking infrastructure to meet the growing demand for digital financial services in India. The success of the eLITE RuPay Platinum Credit Card will depend on its acceptance by customers seeking convenience, rewards, and effective financial management.

Poonawalla Fincorp and IndusInd Bank Launch Co-Branded RuPay Credit Card_4.1