UK-BASED Tide, provider of digital business banking services, on Tuesday (29) announced to enter Indian market with an invest of Rs 10 billion (£97million) over the next five years.
The company plans to target the small and medium-sized enterprises (SMEs) in India, and hire 1,000 people in software development, product development and field teams to run operations.
Tide has raised £100m funding, chief executive of Tide India Gurjodhpal Singh, said.
In India, the company will assist SMEs right from incorporation to normal conduct of business in a compliant manner, he said.
It has set a target of building a client base of 2.5 million SMEs over the next five years.
Tide also aims to introduce a dedicated bank account in partnership with RBL Bank on the lines of other neobanks.
The company will operate from a tech centre in Hyderabad that already employs 200 people, and a business office in Gurugram, Singh said.
Tide has plans to expand business in other countries as well, he added.
