Manoj Agrawal: What customer segments is Tide focusing on in India? When did it begin in India and what traction has the company achieved so far?
Kumar Shekhar: In UK, Tide has 11% market share, over 650,000 members which means 1 in 10 small businesses use Tide's platform to meet their financial and admin needs. This approach saves them a lot of time and money. Buoyed by the confidence shown in our technology solutions and the lessons from the UK market, Tide entered India in December 2022, which is home to 64 million small businesses. Our vision is to bring similar convenience to Indian SMEs. We believe there is a vast untapped segment of small businesses in India. Indian SMEs are the backbone of its economy, providing vital services, jobs and growth. It is important to ensure that small businesses become a part of the formal economy with the requisite guardrails that protect them and offer an enabling environment to do business. Over the past two years, we have made significant strides in financial inclusion through a series of impactful initiatives. Here are a few.
Tide India launched MSME Exchange Program (MEP) the first of its kind initiative in the MSME ecosystem, designed to glocalize entrepreneurship and foster bonds between small business owners from India and the UK. MEP will enable 16 smaller entrepreneurs from India and the UK to widen and sharpen their business knowledge, learn more about cross border trade and compliances and also learn from real life experiences of other entrepreneurs.
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