On December 15, 2022, Piramal Capital and Housing Finance (Piramal Finance) announced the unveiling of their new, state of the art, Piramal Innovation Lab in Bengaluru. The Piramal Innovation Lab is an extension of Piramal Finance’s goal to create innovative products and services which meet the various finance requirements in the under-served and unserved Indian market.
Piramal Finance aims to have a team of over 300 professionals at the Piramal Innovation Lab in Bengaluru for various tech and business intelligence positions by the end of FY23 who will complement the existing large pool of professionals led by Saurabh Mittal (chief technology officer) and Markandey Upadhyay (head, business intelligence unit) across Mumbai and Bengaluru.
Bengaluru was the preferred choice for the ‘Innovation Lab’, as the city has established itself as one of India’s leading IT hubs, providing them with a vibrant ecosystem for technology and a solid digital infrastructure that attracts tech talent from across the country. As mentioned by the company, Bengaluru’s thriving start-up culture provides well for driving disruptive innovation to improve customer offerings. They plan on hosting regular hackathons, which will provide a competitive setting for engineers from across India who may use leading-edge technologies to solve complex customer concerns.
The company plans to attract talent for roles across software engineering, product management, user experience (UX) and data sciences from the thriving tech industry and the best engineering and management colleges across India. Piramal Finance also plans on offering a hybrid work model for certain roles in the tech and business intelligence functions.
Data, artificial intelligence (AI) and machine learning (ML) will be used to change how lending operates for underserved customers as part of its phygital strategy. The company aims to leverage game-changer innovations like India stack to deliver lending solutions to millions of Indians at scale.