Thriwe Expands into Saudi Arabia Through Strategic Partnership with Al Mutlaq Group

• ByStartupStory     |    June 20, 2023

Thriwe,  B2B “Benefits as a Platform” company, has made a significant move by expanding into the Saudi Arabian market through a strategic partnership with Al Mutlaq, a prominent multi-billion-dollar conglomerate focusing on venture capital and the private equity sector. This collaboration marks an important milestone for Thriwe as it aims to generate approximately $100 million in revenue from the Saudi market over the next three years.

As part of the partnership, Al Mutlaq has made an undisclosed investment in Thriwe to support the company’s regional launch and operations in Saudi Arabia. The funds raised will be utilized to enhance the loyalty and rewards ecosystem, improve the customer experience, strategize regional operations, and strengthen Thriwe’s technology solutions in accordance with local requirements.

Thriwe, established in 2011 by Dhruv Verma, an XLRI alumnus, is headquartered in India and has regional offices across the nation, UAE, Singapore, London, and Florida. Previously, the company secured funding from angel fund YourNest and Africa’s Ison Networks.

Thriwe’s entry into the Saudi Arabian market demonstrates its commitment to expanding its presence in the Middle East. The collaboration with Al Mutlaq Group, a well-established conglomerate in the region, is expected to provide Thriwe with invaluable local knowledge, expertise, and access to a vast network of potential clients and partners.

Dhruv Verma, Founder & CEO of Thriwe, expressed his enthusiasm for the partnership, stating, “We have been doing reasonably well in Dubai and have been associated with various financial institutions. 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. We are excited to partner with Al Mutlaq Group, and we look forward to a long and successful partnership.”

Thriwe’s innovative “Benefits as a Platform” solution is designed to assist businesses of all sizes by creating customized, white-labeled employee benefit programs that can be managed through a single, user-friendly interface. The target sectors for Thriwe’s solution include travel, entertainment, and lifestyle.

The CEO of Al Mutlaq Group expressed his satisfaction with the partnership, stating, “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. We see Thriwe as a valuable partner in the loyalty and rewards space, and we are excited to support their growth in the region. Their platform offers a unique solution that can benefit businesses of all sizes, and we look forward to bringing this solution to our clients and partners in Saudi Arabia.”

With Thriwe’s expansion into Saudi Arabia backed by the strategic partnership with Al Mutlaq Group, the company is set to make a significant impact on the loyalty and rewards landscape in the region. Businesses in Saudi Arabia can now leverage Thriwe’s user-friendly platform to foster stronger relationships with their customers and drive loyalty and retention. As Thriwe continues its growth trajectory, this partnership opens doors to new opportunities and cements its position as a leader in the industry.

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