Team Blitz India
TIDE, a UK-based financial platform targeting small and medium enterprises (SMEs), is eyeing India as its second core market within the next five to ten years, according to its global CEO, Oliver Prill.
Having launched its products in India in December 2022, the fintech is prepared to increase its investment in the country to reach a targeted ₹1,000-crore mark and employ 1,000 people by 2026, Prill told Indian news daily, BusinessLine. Tide already operates a product engineering centre in Hyderabad to support its global operations.
With a current membership base of 2.25 lakh micro, small, and medium enterprises in India, Tide aims to expand this to 5 lakh by the end of December. The company primarily targets the nearly 2 million micro and small units annually entering the Indian market, seeking to formalise their businesses.
“Our aspiration is over the next 5-10 years, we would want India to be the second core market. That will be with different attributes. To achieve this objective, we will have to do something that is good for the development of India. I don’t think you can be a serious player unless you do this.” Prill said.
He emphasised Tide’s role in aiding the formalisation process in India, positioning the company against traditional money lenders and cash transactions. Tide employs over 800 individuals in India. Prill expressed optimism about Tide’s prospects in India, particularly regarding investment in HR and marketing.
