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B2B

Export Bahrain Signs MoU with AstroLabs to Boost the Expansion of Bahrain-Based Businesses into Saudi Arabia and UAE Markets

Export Bahrain has signed a Memorandum of Understanding (MoU) with AstroLabs, the leading platform supporting business expansion across the GCC, to establish a strategic partnership aimed at empowering Bahrain-based enterprises of all sizes and sectors to expand into the markets of the Kingdom of Saudi Arabia and the United Arab Emirates.

Under this agreement, both parties will collaborate to provide specialized market entry support, business development services, and capacity-building initiatives to enhance the competitiveness of Bahraini enterprises regionally. The partnership also includes organizing targeted workshops and training programs, facilitating participation in major industry events and exhibitions, and providing access to AstroLabs’ extensive regional and international network.

This partnership reflects the shared commitment of both parties to support the sustainable growth of Bahrain-based businesses and strengthen their presence in priority markets. It also aligns with financing and additional support programs that companies may benefit from through Tamkeen, subject to the necessary approvals.

Commenting on the signing, Ms. Fatima Aziz Rostam, Executive Director of Operations at Export Bahrain, said: “This agreement marks an important milestone in our strategy to enable Bahrain-based businesses to compete and succeed in regional and international markets. Through our collaboration with AstroLabs, we are equipping these enterprises with the tools, expertise, and access needed for sustainable expansion into Saudi Arabia and the UAE.”

Joe Kobrianos, Chief Strategy Officer at AstroLabs, said:
“As Bahrain’s most ambitious companies look to scale beyond their borders, Saudi Arabia stands out as a key destination. Through this partnership with Export Bahrain, we’re proud to offer Bahraini businesses a clear path into the Kingdom, backed by AstroLabs’ on-the-ground expertise, deep local infrastructure, and proven track record of enabling seamless market entry. This collaboration reinforces our shared vision of building stronger regional corridors and unlocking new growth opportunities across the Gulf.”

This collaboration is part of Export Bahrain’s ongoing efforts to build strategic partnerships that empower Bahraini enterprises to innovate, grow, and enhance their global competitiveness.

by Team SNFYI

·        Thriwe supports leading businesses and banks globally to enhance customer loyalty with bespoke rewards and benefits. ·        Thriwe has garnered an impressive membership base of over 2000 members in the past two months. 26 October 2023, Dubai, UAE: Thriwe, a leading tech-driven benefits as a platform company, announced the successful establishment of its fully operational presence in Saudi Arabia. Established in 2011, the company offers support to businesses and banks to acquire, engage, retain, and delight their customers through curated rewards, benefits, and loyalty. Leveraging decade-long success in the UAE, Thriwe has established valuable partnerships with renowned financial institutions such as FAB, Mashreq, RakBank, and ENBD. As part of its strategic global expansion, recently the company has made notable acquisitions and received investments. One such investment was secured with Saudi Arabia’s Masarrah (Almutlaq Family Office), making it a significant step in strengthening the company’s presence in the region. Within two months of this investment, the company has garnered a remarkable membership base of over 2000 members in sectors such as Banking, Insurance, and consumer durables. Commenting about their strategic partnership, Tariq Almutlaq, Managing Director of Masarrah said, “Our strategic partnership with Thriwe, emphasizes our commitment to harnessing our resources, vast network, and industry expertise. We have unwavering confidence in Thriwe’s potential to revolutionize the loyalty and rewards landscape in Saudi Arabia, unlocking fresh opportunities that deliver substantial value to our partners and their respective clientele. Their trustworthiness, dependability, and strategic solutions make them a powerful partner for enhancing customer engagement and loyalty.” “In today’s fiercely competitive business landscape, organizations in Saudi Arabia are constantly seeking innovative ways to reach new customers and retain the existing ones. With a successful journey spanning across India, the UAE, Singapore, London, and Florida, we are now in Saudi Arabia to achieve another milestone. Our vision is to empower businesses in Saudi Arabia by offering a user-friendly and customizable platform that fosters strong customer relationships, drives loyalty, and enhances retention,” said Dhruv Verma, Founder, and CEO of Thriwe. Thriwe offers a comprehensive benefits package, which includes a technology platform, benefit curation and onboarding, and a superior customer experience. The company is recognized as a trusted leader amongst B2B players for cutting-edge data compliance and management solutions, making them the go-to choice for businesses. He added, “Customer data has become an asset for businesses. Ensuring its security and responsible management is not just a regulatory requirement but also a key factor in retaining and attracting new customers. Our commitment to modern data compliance and management has helped us build strong, long-term partnerships with leading businesses across sectors.” With a partner network in over 130 countries, Thriwe has a track record of working with prominent financial institutions such as Amex, Mastercard, Visa, HSBC, Standard Chartered, HDFC, Axis Bank, Mashreq Bank, Union Pay, and others. Additionally, as part of its Middle East expansion plan, the company is setting its sights on generating around USD 100 million in revenue from the Saudi Market over the next 36 months. About Thriwe: Thriwe, established in 2011 by Dhruv Verma, a XLRI alumni, is headquartered in India …

by Team SNFYI

Pentathlon Ventures, an early-stage venture capital firm with a focus on B2B Software-as-a-Service (SaaS) startups, has unveiled its second fund, Fund II, with a target corpus of INR 450 crore. The fund aims to invest in 25 B2B SaaS startups spanning various sectors, including enterprise digital transformation, fintech, ecommerce enablement, vertical SaaS, applied artificial intelligence (AI), sustainable technology, and healthtech. Prior Success with Fund I Established in 2020, Pentathlon Ventures has already demonstrated its commitment to nurturing startups. Through its first fund, launched in 2021 with a corpus of INR 76 crore, the firm supported 23 startups, including notable names like Deeptek, Rezolve, Spyne, Dista, TurboHire, and ShopSe. Investment Thesis and Market Outlook Pentathlon Ventures’ investment thesis for Fund II centers on the robust growth potential of India-based B2B startups. The firm anticipates that revenues from these startups will witness a remarkable 25-fold increase in the next eight years. These startups boast a 50% faster time-to-revenue, enhanced revenue predictability, and robust gross margins ranging from 70% to 80%. Such promising attributes offer substantial opportunities for building sustainable businesses. Commenting on the investment thesis, Sandeep Chawda, Managing Partner at Pentathlon Ventures, stated, “Early-stage B2B SaaS companies built in India continue to be our primary investment thesis.” Capital Sources and Global Focus For Fund II, Pentathlon Ventures is sourcing capital from a blend of domestic and global limited partners. The firm recognizes that Indian B2B startups are poised to achieve global leadership status in the coming decade, with favorable tailwinds stemming from increased global attention on India’s burgeoning tech ecosystem. Gireendra Kasmalkar, Managing Partner at Pentathlon Ventures, noted, “We are truly on the cusp of a huge virtuous cycle.” Investment Landscape in India Pentathlon Ventures’ fund launch occurs in the context of Indian startups facing challenges in securing funding over the past 18 months. Surprisingly, this funding shortfall has occurred despite ample funds being available to investors. According to an Inc42 survey of over 70 active VC firms in India, Indian VCs have only deployed 26% of the capital allocated for FY24, retaining the majority. Despite this, investors in India have been actively launching or announcing new funds since the beginning of 2023. These include MIXI’s $50 million CVC fund, CapFort Ventures’ INR 400 crore fund, and Good Capital’s $50 million fund, among others.

by Team SNFYI

Zomato will be liquidating its Czech Republic-based subsidiary, Lunchtime, the listed foodtech giant said in an exchange filing. “Pursuant to Regulation 30 of the Listing Regulations, we wish to submit that Lunchtime.cz s.r.o. (“Lunchtime”), step down subsidiary of Zomato Limited (“the Company”) situated in Czech Republic has initiated the process of liquidation on September 01, 2023,” said Zomato. According to the foodtech giant, Lunchtime had no active business operations. The subsidiary is valued at INR 28.2 Lakhs and has zero turnover or contribution to Zomato’s net worth. Zomato has been shuttering non-performing subsidiaries across the world to focus more on the Indian market. This year, Zomato has already closed subsidiaries in Indonesia, Portugal, and Jordan, as well as announcing a planned exit from the Philippines. Most of these subsidiaries were non-operational. Currently, Zomato only has active operations in India and the UAE. In November 2022, Kuwait-based foodtech startup Talabat shut down Zomato’s food delivery unit in the UAE, which it acquired for a reported $172 Mn in 2019. The Indian foodtech continues to offer restaurant discovery and dining-out services in the UAE. At the start of the year, Zomato said it pulled out of 225 cities in the country owing to poor performance. In a shareholder letter, Zomato CFO Akshant Goyal said the foodtech exited around 225 smaller cities in January, which contributed 0.3% of our GOV (gross order value) in Q3FY23 (October-December). The foodtech major also introduced a platform fee ranging from INR 1 to INR 3 per order to better monetise and sustain operations in smaller cities. Zomato’s monetisation and cost-cutting efforts saw it post a profit of INR 2 Cr for the June quarter of FY24, a feat it achieved for the first time.  Last week, Tiger Global and SoftBank sold shares they held in the foodtech giant, with the former completely exiting the startup, prompting a jump in Zomato’s share price. Zomato shares have been buoyant on the bourses over the past few months, hitting a 52-week high of INR 102.85 apiece last month. At 1:15 PM on Monday (September 4), the foodtech’s shares were trading at INR 98.05 on the BSE, slightly higher than Friday’s close.