Tide has committed to spend £100 million as part of its entry into the India market.

The business financial platform also said that it would create more than 1,000 jobs in the region over the next five years.

The company plans to launch in India early next year.

Tide already has over 200 employees in India, largely based at its Hyderabad technology centre.

"Tide recognises the ambitions of both the UK and Indian Governments to build India-UK bilateral relationships with an enhanced economic partnership and sees SMEs as being crucial to economic growth in both nations,” said Oliver Prill, Tide chief executive. “We at Tide are committed to serving India’s 64 million, and growing, SME sector, helping to unleash the true potential of Indian small businesses by helping them to save time (and money) on their financial admin.”

Prill added: "Through our investment in the market, Tide looks to contribute to both the countries’ vision of developing a roadmap to a free trade agreement with a target of £100 billion by 2030.”

Tide recently announced its collaboration with its first banking partner, RBL Bank, one of India’s fastest growing private sector banks.

RBL Bank will provide the bank account infrastructure for Tide’s India platform where SME members will have an option to open current and savings accounts.

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