Thriwe, a technology-driven consumer benefits marketplace, has announced a 100% 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 customers 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% 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.
Gugnani, who has been at the helm of Reliance Capital Asset Management Limited as its chief executive officer, launched UCare in 2017 with a vision to reinvent the health and benefits experience for both employers and employees at organizations. The tech-enabled platform brought together an ecosystem of healthcare and emergency services on a smartphone. UCare solutions include access to 24x7 ambulance service, teleconsultation, discounted medicines, and laboratory tests, among others.
UCare's seamless payments platform and Thriwe's expertise in empowering corporates to drive employee rewards, lifestyle benefits, and consumer perks, will work in synergy to improve the employee benefits offering for businesses.
“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.
Founded in the year 2011 by Dhruv Verma, an avid golfer, and an XLRI alumnus, Thriwe has grown to become a global company with headquarters in India and offices across the UAE, Singapore, London, and Florida.
Dhruv Verma, founder and CEO, Thriwe, said, “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.”
Furthermore, the New Delhi-based company has allocated $15 million for the growth of UCare for the next few years. UCare, which is a profitable company, is expected to grow to Rs 200 crore revenue in the next two years, under this acquisition.