Tide, the UK-based business financial platform, plans to invest around £250 million, or approximately ₹3,100 crore, in India by the end of 2030 while winding down its India member-facing business, a decision that will affect about 400 employees.
The company said the investment would be directed towards strengthening its operations and technology centres in India, which support its businesses in the UK and Europe. Tide also plans to increase its investment in India to as much as £500 million over the longer term.
India will remain an important part of Tide’s global operations, the company said in a statement. Its centre of excellence in Hyderabad employs around 800 people across member support, product and engineering. The centre accounts for nearly one-third of Tide’s total workforce and supports the company’s core operations, engineering and product innovation.
Tide also intends to advance its operations centre in Delhi, which supports its UK and European businesses. The company said these centres would remain central to its international operations even as it changes the focus of its India business.
The decision to wind down the India member-facing business follows a strategic review. Tide said the economics of that business did not offer a viable path to sustainable profitability, despite the platform having grown to more than one million members in India since December 2022.
The company said it would instead focus its member-facing investments on the UK and European markets, where it sees greater potential for profitable growth at scale. The UK is Tide’s largest and most established market, with the company approaching one million small and medium enterprise members and operating profitably, according to the statement.
The workforce impact will be concentrated among employees connected to the India member-facing business. Tide said it would support affected employees during the transition, including by offering transfers to its global operations and technology centres wherever possible. It also said it would communicate directly with its India members about the implications of the decision.
Tide Chief Executive Officer Oliver Prill said India remained integral to the company’s global business and long-term growth plans. He said the company had built a significant operations and technology presence in the country and intended to continue expanding those capabilities.
Prill said the decision to exit the member-facing business followed a strategic review that found the proposition did not provide a sustainable path to profitability, particularly compared with opportunities in the UK and Europe. Tide also expects its annualised revenue run rate to exceed $500 million in the coming months.
The company said it would use artificial intelligence to improve operational efficiency, enhance its products and provide better support to members. The transition for the India member-facing business and communication with affected employees and members are the next stated steps.
