Financial platform Tide to invest ₹3,100cr in India by 2030
What's the story
Tide, a UK-based financial platform, has announced plans to invest £250 million (approximately ₹3,100 crore) in India by 2030. The investment will be used to scale up operations and technology centers that support its global business. The company also plans a long-term investment of up to £500 million. Despite this major investment, Tide is exiting the member-facing business in India due to profitability challenges.
Business shift
Exit from member-facing business
Tide's strategic review revealed that the economics of its India member-facing business did not provide a sustainable path to profitability.
The company has grown to over one million members in India since December 2022.
The decision to exit this segment will affect some 400 employees.
Tide has promised support during the transition, including possible transfers to its global operations and technology centers.
Growth strategy
AI integration and revenue growth
Oliver Prill, CEO of Tide, emphasized India's importance in the company's global business and long-term growth plans.
He said that the decision to exit the member-facing business was based on a strategic review that found no sustainable path to profitability.
Tide expects its annualized revenue run rate to exceed $500 million in the coming months.
The company also plans to use artificial intelligence (AI) for operational efficiency, product enhancement, and improved member support.