Poonawalla Fincorp Partners with IIT Bombay’s TIH to Drive AI-Powered Innovation

Poonawalla Fincorp Ltd has entered a partnership with the Technology Innovation Hub (TIH) at IIT Bombay to incorporate artificial intelligence (AI) into its operations. 

A Memorandum of Understanding (MoU) was signed between the two organisations to drive innovation within the company. This collaboration will initially focus on using AI for credit risk management and improving HR processes. The company plans to use this partnership to expand AI-driven transformation across various areas of the organisation, aiming to boost productivity and foster collaboration. This marks a meaningful move for Poonawalla Fincorp in its journey toward becoming a future-ready organisation through AI.

Commenting on the partnership, Mr Arvind Kapil, MD and CEO of Poonawalla Fincorp Limited, said, “We at Poonawalla Fincorp Limited are truly honoured and excited to collaborate with TIH at IIT Bombay in developing innovative AI solutions. This four-year Memorandum of Understanding signifies our commitment and passion for innovation. Together, we are confident that we will create cutting-edge industry first AI-solutions in our endeavour to drive innovation.” 

About TIH at IIT Bombay

The Technology Innovation Hub (TIH) at IIT Bombay, known as the TIH Foundation for IoT and IoE, is a non-profit organisation set up under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS), managed by the Department of Science and Technology (DST) of the Government of India.

About Poonawalla Fincorp Limited

Poonawalla Fincorp Limited is a NBFC promoted by the Cyrus Poonawalla Group. As a non-deposit-taking, systemically important NBFC, it is regulated by the RBI. With assets under management (AUM) of ₹28,396 crore as of September 30, 2024, and a team of over 2,560 employees, the company offers a range of financial services, including pre-owned car loans, personal and consumer loans, loans for professionals and businesses, loans against property, supply chain finance, and machinery loans.

On October 30, 2024, Poonawalla Fincorp Ltd’s share price opened at ₹336.50 and touched the day high of ₹371.90  at 09:51 AM. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.