Thriwe, the leading B2B “Benefits as a Platform” company in India, has unveiled its expansion into Saudi Arabia through a strategic partnership with Al Mutlaq, a prominent multi-billion-dollar conglomerate specializing in venture capital and private equity.
This collaboration involves an undisclosed investment from Al Mutlaq to support Thriwe’s regional launch and operations in Saudi Arabia. Over the next 36 months, Thriwe aims to generate approximately $100 million in revenue from the Saudi market.
The funds raised from Al Mutlaq will be utilized to enhance the loyalty and rewards ecosystem, improve the customer experience, strategize regional operations, and strengthen Thriwe’s technology solutions to align with local requirements in Saudi Arabia.
Founded in 2011 by Dhruv Verma, an XLRI alumnus, Thriwe is headquartered in India with regional offices across the country, as well as in the UAE, Singapore, London, and Florida. Previously, the company secured investments from angel fund YourNest and Africa’s Ison Networks.
The entry of Thriwe into the Saudi Arabian market represents a significant milestone as the company continues to expand its presence in the Middle East. The partnership with Al Mutlaq Group, renowned for its strong regional presence, is expected to provide Thriwe with valuable local insights, expertise, and access to an extensive network of potential clients and partners.
Talking about the JV with Al Multaq, Dhruv Verma, Founder & CEO of Thriwe, said, “We have been doing reasonably well in Dubai and have been associated with various financial institutions like FAB, Mashreq, RakBank, ENBD, etc, running as managing loyalty programs for them as well. Our goal is to empower businesses in Saudi Arabia with a user-friendly and customizable platform that will enable them to build stronger relationships with their customers by driving loyalty and retention. We are excited to partner with Al Mutlaq Group, a leading conglomerate in the region, and we look forward to a long and successful partnership.”
Thriwe’s “Benefits as a Platform” solution is constructed to help businesses of all sizes by developing customized, white-labeled employee benefit programs that can be managed through a single, easy-to-use interface. The target sectors include travel, entertainment, and lifestyle.
CEO of Al Mutlaq Group said, “We are pleased to partner with Thriwe as they expand their operations into Saudi Arabia. At Al Mutlaq Group, we believe in investing in innovative and disruptive companies that have the potential to transform industries. We see Thriwe as a valuable partner in the loyalty and rewards space, and we are excited to support their growth in the region. In addition, Their platform offers a unique solution that can benefit businesses of all sizes (from SME to Large Scale Industry), and we look forward to working with Thriwe to bring this solution to our clients and partners in Saudi Arabia.”