B2B customer benefits startup Thriwe raised funding from the Al Multaq Group to facilitate its expansion into the Saudi Arabian market. Al Multaq Group, based in Saudi Arabia, focuses on venture capital and private equity and has a presence in various industries such as real estate, hospitality, and financial services.
Although the exact amount of funding remains undisclosed, Thriwe stated that the fresh capital would support its launch and operations in Saudi Arabia. The company aims to generate revenue of approximately $100 million from the Saudi market over the next 36 months.
Established in 2011 by Dhruv Verma and Swati Sharma, Thriwe operates within the loyalty and rewards sector, assisting businesses in customer acquisition, engagement, and retention. Headquartered in India, the startup has offices in the UAE, Singapore, London, and Florida. It primarily focuses on companies in the travel, entertainment, and lifestyle sectors, offering an end-to-end benefits solution that encompasses a technology platform, benefit curation and onboarding, and customer experience.
The partnership with Al Multaq Group will provide Thriwe with local market knowledge, expertise, and access to a vast network of potential clients and partners. Thriwe’s CEO and founder, Dhruv Verma, expressed the goal of empowering businesses in Saudi Arabia with a user-friendly and customizable platform that facilitates stronger customer relationships through loyalty and retention strategies.
This announcement comes shortly after Thriwe’s acquisition of UCare Health, a digital health and financial wellness platform, marking their sixth acquisition in six years. Thriwe collaborates with prominent companies such as Amex, Mastercard, Visa, HSBC, Standard Chartered, HDFC, Axis Bank, Mashreq Bank, and Union Pay. The startup is backed by investors including YourNest Fund and Africa’s Ison Networks.
