Piramal Capital & Housing Finance Ltd., also known as Piramal Finance, a wholly owned subsidiary of Piramal Enterprises Ltd (‘PEL’), announced the establishment of its ‘Piramal Innovation Lab’ in Bengaluru today. The new cutting-edge facility will supplement and support Piramal Group’s commitment to innovation and growth. The ‘Piramal Innovation Lab’ is an outgrowth of Piramal Finance’s mission of developing innovative products that satisfy the different financing needs of the underserved and unserved ‘Bharat’ market.
Piramal Finance aims to have a team of over 300 professionals at the Piramal Innovation Lab in Bengaluru by the end of FY23, supplementing the existing large pool of professionals led by Saurabh Mittal (Chief Technology Officer) and Markandey Upadhyay (Head of the Business Intelligence Unit) across Mumbai and Bengaluru.
The company intends to recruit talent for positions in Software Engineering, Product Management, User Experience (UX), and Data Sciences from India’s burgeoning tech industry and top engineering and management universities. Piramal Finance offers a hybrid work paradigm for specific employees in the tech and business intelligence areas, in keeping with a flexible, modern manner of working.
Bengaluru was chosen as the preferable location for the ‘Innovation Lab’ by Piramal Finance since the city has established itself as a thriving ecosystem for technology with a solid digital infrastructure that attracts IT talent from across the country. Bengaluru’s thriving start-up culture is ideal for developing disruptive innovation to improve customer offers. Piramal Innovation Lab also intends to hold regular Hackathons, which would provide a competitive environment for engineers from all around India to apply cutting-edge technologies to address difficult client problems.
Piramal Finance has established a multi-product retail-lending platform as part of its phygital strategy to improve its ability to serve the people of Bharat. The technology and business intelligence team creates digital products that significantly employ Data, Artificial Intelligence (AI), and Machine Learning (ML) to give personalised experiences for consumers and corporations in order to revolutionise how lending works for underserved people. Furthermore, the firm intends to collaborate closely with the technology ecosystem in order to utilise game-changing developments such as the India stack to bring lending solutions to millions of Indians at scale.
Speaking on the occasion, Jairam Sridharan, MD, Piramal Capital & Housing Finance Ltd. said, “Piramal Finance is rapidly expanding its footprint in Tier II and III cities of Bharat and the innovation centre in Bengaluru is a significant element of our growth strategy. The financial services industry is rapidly evolving, and this initiative will accelerate the development of next-generation lending solutions and analytics that align with how consumers are reimagining the industry. Nurturing innovation is a part of our core ethos, and the center will help us to create a vibrant ecosystem of fintechs, startups and tech innovators.”
Saurabh Mittal, CTO, Piramal Capital & Housing Finance Ltd. said, “Digital-led innovations are likely to continue disrupting the business models of financial services companies in India’s ‘Techade’ – technology-driven decade. This seismic shift is part of a continuous business evolution – putting the customer at the heart of lending through seamless digital embedded journeys, improved customer experience and better credit decisions. As we continue making deeper inroads as the lender of choice in Bharat, we aim to attract the best tech talent for our Innovation Lab and encourage the vibrant culture of innovation and experimentation in everything that we do.”
Piramal Finance currently has 343 locations and expects to expand to 500-600 branches across Bharat markets in the next five years. Piramal Finance developed Digital Embedded Finance in 2020 as a business unit. The Embedded Finance business has launched over 24 projects in collaboration with leading digital consumers and merchant interaction platforms since its establishment. The company’s retail loan disbursements increased 62% quarter on quarter to INR 3,973 Cr. in Q2 FY23, thanks to the activation of additional branches, lending partnerships, and client acquisition.
About Piramal Capital & Housing Finance Limited:
Piramal Capital & Housing Finance Limited (referred as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (flagship company of the Piramal Group), is a housing finance company engaged in retail and wholesale lending.
In retail lending, Piramal Finance is one of the leading players that addresses the diverse financing needs of the under-served and unserved people of ‘Bharat’ market. It has over 1 million customers and presence in 24 states with a network of over 300 branches. It offers multiple products, including home loans, loan against property, used car loans, small business loans to Indian budget conscious customers at the periphery of metros and in Tier I, II and III cities. In wholesale lending, it caters to both real estate as well as non-real estate sector and offers multiple products including construction finance, structured debt and senior secured debt.
For more information visit: piramalfinance.com
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