Poonawalla Fincorp teams up with IIT Bombay’s TIH to drive AI innovation

In a transformative move to integrate cutting-edge artificial intelligence into its operations, Poonawalla Fincorp Limited has joined forces with the TIH Foundation for IoT and IoE (TIH) at IIT Bombay. The partnership, formalized through a four-year Memorandum of Understanding (MoU), is set to overhaul critical functions within Poonawalla Fincorp through advanced AI applications, marking a major step forward for the organization as it strives to become a future-ready, technology-driven company.

AI-Powered Risk and HR Transformation

The collaboration targets two main areas for initial AI integration: risk management in credit processes and HR transformation. By leveraging AI, Poonawalla Fincorp aims to streamline credit decision-making and enhance workforce management, establishing a foundation for further AI-driven innovations across other departments. The project aligns with the company’s ambitions to build resilience, optimize productivity, and drive long-term growth.

Arvind Kapil, Managing Director and CEO of Poonawalla Fincorp, shared his enthusiasm for the collaboration, noting that the partnership reflects the company’s commitment to innovative, technology-forward solutions. He expressed confidence that this collaboration would produce industry-first AI solutions, significantly elevating Poonawalla Fincorp’s market positioning and service quality.

A Collaborative Leap in Indian AI Innovation

TIH at IIT Bombay, a non-profit entity focused on interdisciplinary research and product development, serves as a vital link between academia, industry, and startups in India’s cyber-physical space. CEO Kiran Shesh emphasized TIH’s mission to support industry innovation and create solutions with national relevance. He underscored that this partnership aligns with TIH’s commitment to pioneering AI applications that bolster industrial productivity and national competitiveness.

About Poonawalla Fincorp

Poonawalla Fincorp, part of the Cyrus Poonawalla Group, operates as a non-deposit taking systemically important non-banking finance company (ND-SI-NBFC) under the Reserve Bank of India’s guidelines. With assets under management (AUM) reaching ₹28,396 crore as of September 30, 2024, Poonawalla Fincorp has grown to serve clients across 18 states and 2 Union Territories in India. The company offers a diverse portfolio, including pre-owned car finance, consumer loans, business loans, and supply chain finance, among others.

About TIH at IIT Bombay

TIH Foundation for IoT and IoE is an interdisciplinary innovation hub created by IIT Bombay, part of India’s National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS). Funded by the Department of Science and Technology, TIH supports collaborative research, human resource development, and startup growth. It serves as an incubator for groundbreaking research and applications that address pressing industrial and societal challenges.