Piramal Capital and Housing Finance Ltd, the wholly owned subsidiary of Piramal Enterprises has announced the opening of ‘Piramal Innovation Lab’ at Bengaluru. 

The new state-of-the-art centre will complement and support Piramal Group’s commitment to innovation and growth. The ‘Piramal Innovation Lab’ is an extension of Piramal Finance’s goal to create innovative products, which meet the various finance requirements in the under-served and unserved ‘Bharat’ market, said the company. 

By the end of FY23, 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 and will complement 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.

Expansion in tier 2, 3 cities

Jairam Sridharan, MD, Piramal Capital and 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. Nurturing innovation is a part of our core ethos, and the centre will help us to create a vibrant ecosystem of fintech, startups, and tech innovators.”

The company plans to attract talent for roles across software engineering, product management, user Eexperience (UX), and data sciences from the tech industry and engineering and management colleges across India.

Preferred destination

For Piramal Finance, Bengaluru was the preferred choice for the ‘innovation lab’, as the city has established itself as a vibrant ecosystem for technology with a solid digital infrastructure that attracts tech talent from across the country, said the company.