UK’s Tide forays into India, commits Rs 1,000 cr investment

The  company,  which  plans  to target the small and medium  enterprises,  will  be  hiring  1,000  people  in  software  development,  product  development  and  field  teams  to  help penetrate the business. When   asked   about   the   source of funds, Gurjodhpal Singh, the chief executive of Tide  India,  said  it  has  raised a funding of GBP 100 million  and  has  been  earning handsomely from its UK operations.

The company plans to help small and medium-sized enterprises  (SMEs)  right  from  incorporation  to  normal  conduct  of  business    in    a    compliant    manner, he said, adding that it  is  targeting  to  have  2.5  million  SMEs  as  clients  in  the next five years.

Further,  it  is  planning  to  introduce  a  dedicated  bank  account  in  partnership  with  RBL Bank in a way that other non banks do, and will also try to deploy its artificial intelligence and machine learning  engines  to  aid  the  SMEs  access  working  capital, Singh said.

Tide  will  operate  from  a  tech   centre   in   Hyderabad,   which  was  started  in  early  2020 and already employs 200 people, and a business office in Gurugram, Singh said.