New Delhi-based Indian start-up Thriwe has announced its expansion in Saudi Arabia through a strategic partnership with Al Mutlaq, a venture capital (VC) and private equity (PE) focussed conglomerate.
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 in revenue from the Saudi market over the next 36 months.
Thriwe will invest the newly generated capital to enhance a loyalty and rewards ecosystem. It will also invest to develop customer experience, strategise regional operations and strengthen technology solutions in Saudi Arabia.
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."
Addressing the development, the 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."