Saudi Arabia’s Al Mutlaq Group Invests in Thrive

Thriwe, India’s first and largest B2B "Benefits as a Platform" company, has announced its expansion into Saudi Arabia through a strategic partnership with Al Mutlaq, a prominent multi-billion-dollar conglomerate focusing on venture capital and the private equity sector.

As part of the partnership, Al Multaq has invested an undisclosed amount in Thriwe to support the latter’s regional launch and operations. The company aims to generate around $100 million of revenue from the Saudi market over the next 36 months.

The funds raised from Al Mutlaq's will be invested to enhance a loyalty and rewards ecosystem and the customer experience in Saudi Arabia, strategize the regional operations and strengthen Thriwe's technology solutions in line with domestic requirements.

Thriwe established in 2011 by Dhruv Verma, an XLRI alumni, is headquartered in India along with regional offices across the nation, UAE, Singapore, London, and Florida. Earlier, the company raised funds from the angel fund YourNest fund and Africa’s Ison Networks.

Thriwe's entry into Saudi Arabia marks a significant milestone for the company as it continues to expand its footprint in the Middle East. The collaboration with Al Mutlaq Group, which has a strong presence in the region, is expected to provide Thriwe with a wealth of local knowledge and expertise and access to a vast 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."

About Al Multaq

Al Mutlaq Group (AMG) has participated in the Saudi Arabian economy for over seven decades. Since its inception in the 1950s, the group has maintained a steady and consistent growth trajectory by establishing and nurturing several successful businesses and strategic relationships. Today, AMG has evolved into a well-diversified and institutional investment group with a presence in several industries, including real estate, hospitality, manufacturing, and financial services.

About Thriwe:

Thriwe is a benefit as platform company founded in 2011 by Dhruv Verma and Swati Sharma. The company operates in the loyalty and rewards domain and helps businesses acquire, engage, and retain customers. Thriwe's unique value proposition lies in its end-to-end benefits offering, which includes a technology platform, benefit curation and onboarding, customer experience, and service. Through its platform, Thriwe enables businesses to effectively manage their loyalty programs and rewards systems, providing customers with a seamless and earn & burn rewarding experience to retain their customers. With a focus on innovation and customer-centricity, Thriwe has established itself as a leading player in the loyalty and benefits space, helping businesses across industries drive growth and build brand loyalty.