Tide, a UK-based financial platform specializing in small and medium enterprises (SMEs), is eyeing significant investments in India, targeting ₹1,000 crore by 2026 to expand its presence in the country. Oliver Prill, the Global CEO of Tide, highlighted India as the fintech’s second core market after the UK, aiming to achieve substantial growth within the next five to ten years.
Since its launch in India in December 2022, Tide has already established a strong foothold, with plans to increase its workforce to 1,000 employees by 2026. The company currently operates a product engineering center in Hyderabad, supporting its global operations.
Tide’s focus in India revolves around empowering micro, small, and medium enterprises (MSMEs) to formalize their businesses, addressing the annual inflow of nearly 2 million micro and small units seeking to enter the formal economy. Oliver Prill emphasized that Tide’s competition in India primarily involves moneylenders and informal cash-based practices, which the fintech aims to replace by promoting formalization.
“Our aspiration over the next 5-10 years is for India to become our second core market. This will require significant contributions to India’s development,” stated Prill, underlining Tide’s commitment to supporting India’s journey towards economic formalization.
Despite the vast opportunities in India’s SME sector, Prill emphasized that Tide’s market share aspirations remain modest, focusing on contributing meaningfully to India’s economic development rather than achieving high market penetration.
Tide’s expansion plans in India reflect its bullish outlook on the country’s evolving SME landscape, aligning with India’s rapid formalization and economic growth trajectory. The company’s investments in India extend beyond financial commitments, encompassing substantial support for people-related initiatives and marketing efforts to drive growth in the region.
While Tide faces challenges in its home market of the UK, characterized by a shrinking pool of SMEs, India represents a dynamic market with rapid formalization trends. Tide views India as a strategic hub for internationalization, with recent entries into markets like Germany reflecting the fintech’s global ambitions.
In addition to its investment plans, Tide has launched the Bharat Women Aspiration Index (BWAI) to champion women-led small businesses in India, highlighting the motivations, aspirations, and challenges faced by women entrepreneurs in Tier-II and beyond cities. This initiative underscores Tide’s commitment to fostering inclusive growth and supporting entrepreneurship in India’s evolving SME landscape.