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

Tide, a British company focused on providing financial and administrative solutions to small businesses, on Tuesday announced its entry into India, committing a Rs 1,000-crore investment over the next five years.

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.