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Tide’s Remarkable Growth in India

Introduction to Tide’s Success

Since its launch in December 2022, Tide has witnessed a phenomenal 100% year-on-year increase in adoption, now surpassing 1 million MSME members in India. This impressive figure reflects a growing trust among Indian small businesses ranging from nano to micro and emerging SMEs, demonstrating that Tide meets the critical needs of these entrepreneurs. As the platform continues to thrive, it has positioned India as Tide’s largest and fastest-growing market globally, illustrating the effectiveness of its India-first approach to product and market strategy.

Demographics of Tide’s Community

A striking aspect of Tide’s member composition is the youthful demographic: over 85% of its users are Gen Zs and millennials, showcasing that the entrepreneurial energy in India is being predominantly driven by younger generations. The growth is particularly significant in Tier 2, 3, and 4 cities, where 96% of Tide’s MSME members hail from towns like Bareilly, Bhopal, Murshidabad, Lucknow, and North 24 Parganas. This trend underscores the potential of digital transformation in India’s underserved business communities.

Vision and Commitment from Leadership

Gurjodhpal Singh, CEO of Tide in India, emphasized that reaching one million entrepreneurs is more than a mere statistic; it symbolizes a profound story of trust. He stated, "In less than three years, one million Indian entrepreneurs have chosen Tide as their partner in growth." With a focus on empowering small businesses that have traditionally been underserved, Tide aims to equip them with essential tools in finance and administrative services to foster growth. Innovative products developed in India highlight Tide’s commitment to delivering real-world solutions that can be utilized globally.

Innovative Solutions Tailored for MSMEs

Tide has made significant strides in product innovation tailored for the Indian market. Their offerings include:

• Bill Payments: MSMEs can pay their utility bills without incurring additional costs while earning rewards, supported by enhanced security features.

• Udyam Registration: This facilitates MSME registration, granting access to crucial government benefits like low-interest loans and protection against delayed payments.

• GST Registration: Tide simplifies the process for entrepreneurs to obtain their Goods & Services Tax Identification Number (GSTIN), essential for compliance and gaining vendor trust.

• Scheme Discovery: This feature intelligently matches government benefits and subsidies to the eligibility criteria of various businesses, ensuring entrepreneurs are informed.

• Fixed Deposits Intermediation: MSMEs can now earn competitive returns on their deposits through a seamless, paperless approach.

• NCMC Card Integration: Introducing a versatile Tide card that functions as a national mobility card, accepted across various transport modes, enhancing convenience for users.

• Structured Partner Solutions: A secure partner portal allowing funds to be disbursed to freelancers and vendors, coupled with real-time analytics on spending to improve cash flow management.

The Trailblaze by Younger Entrepreneurs

An analysis of Tide’s member composition exemplifies the entrepreneurial verve among the youth, with over 865,000 members under the age of 40. The broad demographic, including 58% Gen Z and 42% millennials, reflects a robust entrepreneurial spirit in India. Remarkably, Tide is also witnessing engagement from age groups far beyond the young, with even members aged 95 showcasing that it’s never too late to embrace one’s passions.

Expansion into Emerging Hubs

Tide has seen remarkable growth in emerging business hubs across India, with 63% of its members residing in states such as Uttar Pradesh, West Bengal, Madhya Pradesh, and Bihar. Notably, the highest adoption rates are in Tier 2, 3, and 4 towns such as Bareilly, Bhopal, and Murshidabad, indicating the platform’s profound impact on advancing the digital transformation of these areas, traditionally neglected in the entrepreneurial landscape.

Beyond Business Tools: Championing the Entrepreneurial Spirit

Tide recognizes that supporting entrepreneurs extends beyond simply providing business tools; it involves fostering recognition and cultivating systemic change. Significant initiatives include:

Women in Business Mission

Tide aims to enroll 500,000 women entrepreneurs onto its platform by 2027. The Bharat Women Aspiration Index seeks input from women in smaller towns to influence policy-making for female entrepreneurs.

Udaan Chronicles

This flagship mentoring initiative connects small business owners in semi-urban and rural areas with expert-led mentorship, aimed at bridging the gap in access to formal networks and financial resources.

UK-India Collaboration

Tide facilitates SME expansion across borders, contributing to critical discussions on future trade relations between the countries under the provisions of the UK-India Free Trade Agreement.

Financial Backing and Future Investments

Tide’s growth trajectory in India is anchored in accountability, supported by a recent $120 million strategic investment in a round led by TPG. The company has outlined a transformative plan, which includes a £500 million investment over the next five years. This funding will catalyze product innovation tailored specifically for Indian SMEs, bolstering technology and AI-driven development.

Addressing legal Complexities with AI legalese decoder

In the rapidly evolving landscape of MSMEs in India, entrepreneurs face numerous legal complexities, from understanding compliance requirements to navigating contracts and agreements. AI legalese decoder can play a pivotal role in aiding SMEs by transforming complex legal jargon into simple, comprehensible language, ensuring that entrepreneurs can make informed decisions without being overwhelmed by legal intricacies. This tool empowers users to grasp the implications of various legal documents and facilitates access to essential legal services, enhancing their operational capabilities.

Looking Ahead

As Tide gears up for future enhancements, excited developments slated for next year include solutions related to investments, insurance, streamlined access to formal credit, and sophisticated payment acceptance methodologies. With a commitment to fostering a smoother and more successful business management experience, Tide stands poised to revolutionize how businesses operate in India.

Conclusion: Tide’s Global Commitment

Founded in 2017 in the UK, Tide has rapidly ascended to become the leading business management platform, boasting nearly 800,000 SME members in the UK and 1,000,000 in India. With plans to expand into Germany and France by 2025 and an emphasis on strong workplace culture with recognition as a Great Place to Work for three consecutive years, Tide remains steadfast in its vision to be the leading global business management platform.

To stay connected, follow Tide on LinkedIn, Twitter, Instagram, and Facebook.

Disclaimer

(The above press release comes to you under an arrangement with NewsVoir, and PTI bears no editorial responsibility for its content.)

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