UK-based Tide forays into India, commits Rs. 1,000 crore investment

On Tuesday, Tide, an UK-based firm announced its entry into the Indian market, by committing an investment worth Rs. 1,000 crore (US$ 134.71 million) over the next five years, to focus on offering administrative and financial solutions to small businesses.

The corporation, which intends to target the small and medium businesses, plans to recruit 1,000 employees in field, software development, product development teams to develop its business.

Mr. Gurjodhpal Singh, the chief executive of Tide India, stated that the company has raised a capital of GBP 100 million and has been gaining substantially from its operations in the UK.

He stated that the company intends to assist small and medium-sized enterprises (SMEs) starting from incorporation to routine conduct of business in a compliant way. In the next five years, the company targets to have 2.5 million SMEs as clients.

Mr. Singh said, “The company is intending to launch a dedicated bank account in collaboration with RBL Bank in a manner that other neo banks do and will also seek to implement its machine learning and artificial intelligence engines to support the SMEs access working capital.”

Mr. Singh stated that Tide plans to function from Hyderabad tech centre, which was began in early 2020 and employs 200 employees, and its business office in Gurugram.

Mr. Singh stated that India is the first market that the company has decided to expand into. The company also plans to take further its services to other countries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.