REL will leverage nasscom CoE’s expertise on co-creation and extensive access to innovation solutions from startups and small and medium enterprises (SMEs) in the tech sector for industry transformation.
The partnership will enable startups to address real business challenges and gain access to strategic investments.
Bengaluru, 27th July 2023 – Religare Enterprises Limited (REL), India’s leading diversified financial services group, and nasscom CoE for IoT & AI, have entered a strategic partnership to strengthen REL’s business processes & solution landscape, making it future-ready through the infusion of cutting-edge technology and innovation. The collaboration will harness the collective strengths of both organisations to enhance customer experience and drive operational efficiencies and data security while creating long-term value within the sector.
nasscom CoE’s expertise in co-creation and vast network of startups and SMEs specializing in emerging technologies such as AI,ML, AR/VR, Robotics, Blockchain, Drones, and IoT, will present Religare Group the access to relevant innovators and their technology. The Group will continue to explore potential business collaborations tailored to the company’s specific needs and seize possible opportunities to benefit the enterprise and BFSI sector.
With the announcement, nasscom CoE has also launched the Fifth version of the Healthcare Innovation Challenge (HIC), a one-of-its-kind initiative to tackle the challenges healthcare providers face in their journey to digital transformation. Religare Group’s Care Health Insurance Ltd, a leader in the health insurance space, will work with nasscom CoE in bringing digital technology solutions for the health insurance industry.
Announcing the partnership, Dr Rashmi Saluja, Executive Chairperson, Religare Enterprises Ltd said: “Our collaboration with nasscom CoE signifies a significant milestone in our journey towards becoming a 360-degree financial services provider by nurturing, adopting, and integrating technological innovations in our core and future businesses. By harnessing the power of emerging technologies, we aim to strengthen our business operations, enhance diligence, and deliver unparalleled value to our customers and shareholders. It is our vision that this partnership will not only accelerate our digital transformation but also enable us to support other players in the financial services sector to undertake this journey.”
“Furthermore, our vision is to support startups that are born in India and focused on India-specific solutions. In doing so, we are aligning ourselves with the government’s vision of an Atmanirbhar Bharat – a self-reliant and economically strong nation. Nurturing these startups will enable us to retain talent and ownership of India-centric solutions, thereby strengthening our global leadership in technology and innovations.”
The strategic partnership between Religare and nasscom CoE encompasses several key initiatives that aim to shape the future of financial services. Religare will gain access to a curated pool of innovators through regular pitch sessions, opening doors for potential collaborations in the near future. Additionally, Religare will have an early advantage in identifying strategic investment opportunities in startups, fostering innovation, and driving growth.
Emphasizing the potential of this partnership Mr Sanjeev Malhotra, CEO, nasscom CoE said: “Religare and its entities will jointly work on use-cases and co-create solutions with the startup ecosystem that will promote homegrown tech innovation driving significant impact on enterprises and create business value.”
As part of this partnership, Religare will also have the opportunity to mentor two CoE-incubated startups, leading to the nurturing of entrepreneurial talent. This strategic partnership will propel Religare’s digital transformation journey and position the company at the forefront of the industry, delivering cutting-edge solutions and unprecedented value to its customers.