Key Points

According to the British company, the move will further deepen the company's long-term commitment to the country and strengthen its role as a critical hub for both domestic and global operations.

Within the next 12 months, Tide plans to add over 800 jobs as part of its expansion, bringing its total number of employees in India to about 2,300, the company said.

Product development, software development, marketing, member support, and operations will all be covered by the new roles. Over 1,500 professionals are currently employed by Tide in India, primarily in offices located in Delhi, Hyderabad, and Gurugram.

The announcement comes after global alternative asset management company TPG recently made a strategic investment of $120 million in Tide, raising the company's valuation to $1.5 billion.

Since it launched its services in India, the nation has emerged as its fastest-growing market, serving more than 800,000 small and medium enterprises (SMEs) in just over two and a half years.

Indian SMEs now make up the majority of Tide's 1.6 million global member base.

Tide's Chief Executive Officer, Oliver Prill, said: "India is the largest and one of the most exciting SME markets in the world and a key pillar of Tide's global growth strategy."

He continued by saying that Tide has a ton of opportunities to empower small businesses and strengthen UK-India fintech collaboration because of India's robust entrepreneurial ecosystem and top-notch talent pool.

Tide has already fulfilled its June 2021 pledge to invest 100 million pounds in India, which was made earlier than the initial five-year goal. The company's goal to expand further in India and establish the nation as a pillar of its global expansion is demonstrated by the recent 500 million pounds investment.

- IANS