As part of this initiative, the firm has collaborated with the Indian Institute of Technology Bombay to establish a joint research center that will focus on AI, cybersecurity, quantum technologies, and innovations in retail.
Bajaj Finserv announced that the companies within the group intend to invest between ₹1,500 crore and ₹2,000 crore over the next five years in startups and early-stage ventures engaged in AI, cybersecurity, quantum technologies, fintech, and consumer technology solutions.
The initiative will concentrate on startups ranging from seed to Series B stages and will be overseen by a specialized investment team.
According to Bajaj Finserv, the goal is to develop scalable and cost-effective technology solutions in India, leveraging academic partnerships, startup investments, and internal research capabilities.
The collaboration with IIT Bombay will initially concentrate on creating AI applications, such as voice AI and small language models tailored for the banking, financial services, and insurance sector, along with research into cybersecurity and quantum technologies.
The initiative will also investigate innovations aimed at enhancing physical retail experiences and operational efficiencies for stores, the company stated.
Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, emphasized that the company regards technology-driven innovation as a crucial factor for growth in financial services and noted the necessity for increased private sector investment in research and development within India.
The company referenced a recent NITI Aayog report indicating that India’s private sector contribution to research and development spending is comparatively low when placed alongside advanced economies.
Bajaj Finserv mentioned that the platform might eventually broaden its scope to include areas such as digital financial inclusion, health technology, and climate risk management.
Finserv Intelligence is described by the company as a long-term initiative that will progressively expand its research and investment endeavors, supporting the commercialization of technology solutions developed in India.
