Religare-NASSCOM CoE Collaborate to Drive Tech Innovation

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, 27 th 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.

About RELIGARE Enterprises Limited

RELIGARE Enterprises Limited (REL), a Core Investment Company (CIC) registered with Reserve Bank of India (RBI), is a diversified financialservices company. REL offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, Affordable Housing Finance, Health Insurance and Retail Broking. REL is listed on the BSE (Bombay Stock Exchange) and National Stock Exchange (NSE) in India. The Religare Group (REL & subsidiaries) reaches over 1 million policyholders in insurance business, 1 million plus broking customers, more than 26,000 customers in MSME finance and over 10,000 customers in affordable housing finance.

The Group employs more than 11,000 professionals servicing this diversified customer base with a presence in over 1,000 locations across India.For more info/details,please visit/peruse www.religare.com

About NASSCOM CoE IoT; AI

About CoE for IoT & AI An initiative of the Ministry of Electronics; Information Technology (MeitY) and K-tech,NASSCOMCentre ofExcellence IoT; AI is a platform that aims to accelerate the development of the deep-tech industry, enabling inclusion and adoption of theemerging technologies in the ecosystem. CoE for the last six years has been enhancing the power of Artificial intelligence and the Internet of things to bring unprecedented opportunities for Industry, Startups, and Academia.

About NASSCOM

NASSCOM is the premier trade body and chamber of commerce of the Tech industry in India and comprises over 3000member companies. Our membership spans across the entire spectrum of the industry from startups to multinationals and from products to services, Global Capability Centers to Engineering firms. Guided by India's vision tobecome a leading digital economy globally, nasscom focuses on accelerating the pace of transformation of the industry to emerge as the preferred enabler for global digital transformation. Our strategic imperatives are to reskill and upskill India's IT workforce to ensure that talent is future-ready in terms of new-age skills, strengthen the innovation quotient across industry verticals, create new market opportunities - both international and domestic, drive policy advocacy to advance innovation and ease of doing business, and build the industry narrative with focus on Talent, Trust, and Innovation. And, in everything we do, we will continue to champion the need for diversity and equal opportunity.