Thriwe Expands Operations In Saudi Arabia Through JV Partnership With Multi-billion Conglomerate Al Multaq Group

Thriwe Expands Operations In Saudi Arabia Through JV Partnership With Multi-billion Conglomerate Al Multaq Group

The company aims to generate around $100 million of revenue from the Saudi market over the next 36 months.

FPJ Web DeskUpdated: Tuesday, June 20, 2023, 03:57 PM IST
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Thriwe Expands Operations In Saudi Arabia Through JV Partnership With Multi-billion Conglomerate Al Multaq Group |

Thriwe, 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 strengthenThriwe's technology solutions in line with domesticrequirements.

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, thecompany 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, whichhas a strong presence in the region, is expected to provide Thriwe with a wealth of local knowledge and expertise andaccess 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."

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