Thriwe, an Indian start-up based in New Delhi, has revealed its plans to extend its presence in Saudi Arabia through a strategic collaboration with Al Mutlaq, a conglomerate that focuses on venture capital (VC) and private equity (PE) investments.
As part of this partnership, Al Mutlaq has made an undisclosed investment in Thriwe to provide financial support for the company's launch and operations in the region. Thriwe aims to achieve approximately $100 million in revenue from the Saudi market within the next 36 months.
Thriwe will utilize the newly acquired capital to enhance its loyalty and rewards ecosystem. Additionally, the company will allocate funds to enhance customer experience, devise regional operational strategies, and strengthen technological solutions within Saudi Arabia.
Commenting on the joint venture with Al Mutlaq, Dhruv Verma, the Founder & CEO of Thriwe, stated: “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."
In response to this development, the CEO of Al Mutlaq Group 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."
Photo credits: Unsplash In collaboration with Allison Saeng