Thriwe, a consumer benefits marketplace, has announced a 100 per cent acquisition of digital health and financial wellness platform UCare Health (UCare) for an undisclosed amount in an all-cash deal.
With this, Thriwe continues with its inorganic route to expand its business for more than a decade through mergers and acquisitions. It is the company’s fifth acquisition in the last six years.
Thriwe provides an ecosystem that delivers premium customer acquisition, retention and services. With the current acquisition Thriwe, which offers benefits as a platform to businesses, has entered into the $120 billion prepaid card space that is growing at a 36 per cent CAGR and is expected to reach $760 billion by 2028.
As part of this acquisition, Mumbai-based UCare’s 100-plus team along with its founder will join Thriwe as a part of its larger global expansion plan.
“At UCare, our primary goal is to provide our customers with the highest level of health and wellness solutions. That's why we are excited about our merger with Thriwe - it represents a natural progression in our journey to offer the best possible employee benefits,” said Vikrant Gugnani, founder and managing director, UCare.
“By combining our strengths, we can offer a more holistic approach to employee benefits that integrates wellness, lifestyle, and rewards. This merger allows us to provide our customers with even more value and create a more positive and engaging employee experience. We're thrilled about the possibilities this partnership presents and look forward to bringing innovative solutions to the market,” Gugnani added.
“We are excited about this partnership with UCare. Our competencies are well aligned for the larger goal of providing the most innovative rewards, loyalty, and DIY platforms to curate and deliver delightful experiences to our customers,” observed Dhruv Verma, founder and CEO, Thriwe.