Piramal Finance launches innovation lab in Bengaluru, to have a team of 300 professionals

Piramal Capital & Housing Finance Ltd., (Piramal Finance), the wholly-owned subsidiary of Piramal Enterprises Ltd ('PEL'), on Thursday announced the opening of its 'Innovation Lab' at Bengaluru, where it aims to have a team of over 300 professionals for various tech and business intelligence positions by the end of financial year 2022-23.

MD, Piramal Capital & Housing Finance Ltd., Jairam Sridharan said Piramal Finance is rapidly expanding its footprint in Tier II and III cities of 'Bharat' and the innovation centre here is a significant element of its 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 centre will help us to create a vibrant ecosystem of fintechs, start-ups and tech innovators", he was quoted as saying in a company statement.

Piramal Finance said it has 343 branches and plans to expand to 500-600 branches throughout 'Bharat markets' in five years.