UK-based Tide plans to invest ₹3,100 crore in India in next four years
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UK-based business financial platform Tide plans to invest around 250 million pounds (about ₹3,100 crore) in India by the end of 2030 to scale up operations and technology centres supporting its global business.
The company plans to ramp up investment up to 500 million pounds in the longer term.
India will remain an important part of its global operations, with investments focused on strengthening its operations and technology centres that support its businesses in the UK and Europe, Tide said in a statement.
Tide employs around 800 people at its centre of excellence in Hyderabad across functions such as member support, product and engineering.
The Hyderabad centre accounts for nearly one-third of the company's total workforce and drives its core operations, engineering and product innovation, it said, adding that the company also intends to advance its operations centre in Delhi, which supports its UK and European businesses.
However, it said, following a detailed strategic review, Tide concluded that the economics of its India member-facing business did not offer a viable path to sustainable profitability, despite having grown to more than one million members in the country since December 2022.
It will, therefore, focus its investments on the UK and European markets, where it sees greater potential for profitable growth at scale.
The decision to wind down the India member-facing business will affect around 400 employees, it said.
The company would support the affected employees during the transition, including offering transfers to its global operations and technology centres wherever possible, it said, adding that the company will also communicate directly with its members in India regarding the implications of the decision.
Tide Chief Executive Officer Oliver Prill said India remained an integral part of the company's global business and long-term growth plans.
The company has built a significant operations and technology presence in India and intends to continue expanding these capabilities, he said in the statement.
Prill said the decision to exit the member-facing business followed a strategic review which found that the economics of the proposition did not provide a sustainable path to profitability, particularly compared with opportunities in the UK and Europe.
Tide expects its annualised revenue run rate to exceed USD 500 million in the coming months.
The UK remains its largest and most established market, where the company is profitable and approaching one million small and medium enterprise (SME) members, equivalent to around 16 per cent of the market.
It also plans to leverage artificial intelligence (AI) to improve operational efficiency, enhance its products and provide better support to members.
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