Interview with Dhruv Verma, Founder of Thriwe: Insights on Building a Global B2B Benefits Platform
Dhruv Verma, Founder & CEO of Thriwe, started his entrepreneurial journey after gaining valuable experience in the BFSI sector, where he worked in both B2C and B2B roles. Born and raised in Delhi, Dhruv faced early challenges, including the loss of his father at a young age, which shaped his determination and entrepreneurial spirit. In 2011, he founded Thriwe with a focus on making golf more accessible, but under his leadership, the company has expanded into a B2B benefits marketplace, offering solutions in travel, wellness, lifestyle, sports, and dining across 130 countries. In this interview, Dhruv discusses Thriwe's transformation from a niche golf platform to a global business, his strategic approach to growth, and future plans, including the integration of AI into the loyalty space.
Can you share the story behind founding Thriwe? What inspired you to start the company?
Thriwe, originally known as GolfLan, was founded in 2013. While working in the BFSI sector, I noticed a significant gap in the mass affluent benefits offered to consumers. At the time, the primary benefit available was priority pass access to airport lounges. With GolfLan, we aimed to address this by making golf more accessible to end customers, either through a platform or other solutions. We initially launched as a B2C company to test the concept before transitioning to B2B services. Over the last 11 years, it’s been an exciting journey as we’ve developed and grown the business.
Thriwe transitioned from the B2C platform GolfLan to the B2B-focused model it operates today. How did you manage this shift, and did your prior experience in business development shape your approach to growing Thriwe?
My initial eight years in banking were focused on B2C and strategy, followed by six years in B2B, which gave me valuable insights into both sectors. Although we started with a B2C model, we always intended to pivot to B2B. The B2C approach allowed us to generate revenue from day one, gather consumer feedback, and continuously improve our product. It took about 18 months to make the transition, but starting with B2C helped us refine our offering before scaling it for the B2B market. In hindsight, this strategy worked in our favor.
Why golf specifically?
I picked up golf in 2009 and quickly became passionate about it. What fascinated me was that, unlike other sports, in golf, you compete against yourself, not others. Your performance is entirely self-driven, which I found both challenging and rewarding. Turning that passion into a business seemed like a natural progression, and I wanted to create opportunities within the sport. It's always great when you can align your profession with something you're passionate about, and fortunately, it has worked out well.
Thriwe is described as a BAP (Benefits as a Platform) company. What does that mean, and is it connected to the concept of Banking as a Platform (BaaP)?
A platform is essentially digital real estate that allows users to access various services, similar to how internet banking works. We realized that we were powering numerous benefits, all of which were being delivered through a single platform. So, we coined the term "Benefits as a Platform" (BAP) to describe what we do. It's a concept that draws a parallel to Banking as a Platform (BaaP), where both models revolve around delivering services digitally and efficiently from one accessible space.
How does Thriwe successfully blend global and local strategies, and what makes this approach unique in the UAE market compared to competitors?
That’s a great question. For us, it’s all about a regional play. We focus on cross-utilization of benefits across key markets like the UAE, India, Singapore, and Saudi Arabia. UAE-based customers frequently travel to these regions, and we are one of the few loyalty brands that can offer benefits across multiple countries, which sets us apart.
While there are large players like Priority Pass doing similar things, our strength lies in our ability to innovate and create differentiated products that resonate with customers.
Many of our clients, especially in banking, approach us to design customized benefit ecosystems for their customers, making us more of a consultant in the process. Over the last 9 to 10 years, we’ve built long-standing relationships, especially with private banks, allowing us to grow as they grow.
Thriwe has grown to a network of over 30,000 strategic partnerships. How did you accomplish this impressive growth, and what has been your most successful partnership so far?
We initially partnered with golf courses during our GolfLan days, securing around 4,000 golf courses across regions like the UK, Europe, India, the Middle East, and Southeast Asia. That took us about 18 months. Over time, we mastered building partnerships by offering something different—revenue generation. Unlike others in the loyalty space, we don’t take commissions from partners. Instead, we focus on building revenue lines for them, which helps us quickly establish partnerships.
On the sales side, our consistent ability to generate demand has been key. We work with over 50 global organizations, serving more than 15 million customers across the Asia-Pacific region. As our customer base grows, our promise of creating revenue for our partners becomes even more valuable, and that’s been crucial to our success.
How do you sustain long-term partnerships with such a large network, and what are the key factors for keeping these relationships mutually beneficial?
Our model makes it easy to maintain mutually beneficial relationships because we don’t charge our partners.
This allows us to foster partnerships without adding financial pressure. When we drive traffic to our partners, they see firsthand the business opportunities created through Thriwe. This new stream of revenue often wouldn’t have come their way without our involvement, which strengthens the partnership and encourages long-term collaboration.
On average, how long have you worked with your biggest clients?
We’ve maintained client relationships for over a decade without losing a single one. For instance, we’ve been working with Emirates NBD, Mashreq, and RAKBANK for eight years now.
Our average turnover with clients is five years or more.
This longevity is built on our ability to continually innovate and present fresh solutions to our clients, keeping us relevant and valuable. Being agile and adaptable as a startup has been key to sustaining these long-term relationships.
Thriwe’s services are built on in-house APIs. Given your broad client base and range of benefits, how much do you invest in R&D to keep improving your offerings?
R&D is one of our largest investments, especially in technology. We recognize that what we sell today may not be relevant in three to four years due to the fast pace of technological change. Over the past three years, we've shifted from being a service-led company to a tech-driven organization.
By the end of 2025, we aim to be fully tech-led, and our board has already approved significant investment in our tech team.
Ideally, I’d like to allocate $1 million annually to R&D, which we’re working towards as we grow and our P&L allows. This investment is critical for hiring top talent and keeping pace with the market's evolving needs.
Acquisitions have been a key driver of your growth. What strategy do you follow to ensure their success, and what are you looking for at this stage of growth?
To date, we’ve made five acquisitions, each strategically chosen to complement our core business. The last two were particularly impactful—one focused on building a hyperlocal distribution network, and the other in the health ecosystem. We approach growth through both organic and inorganic methods, but as we mature, smaller acquisitions add less value in terms of overall percentage growth. Now, we’re more selective about the opportunities we pursue, looking for acquisitions that offer strong synergies and meaningful impact.
We’ve grown from $4 million to nearly $35 million over the past four years, with a 10X growth rate, driven by a solid CAGR of 30-35%.
We will continue to explore new opportunities as they align with our long-term strategy, and acquisitions will be part of that journey when the right fit emerges.
Thriwe’s LinkedIn profile mentions being one of the largest loyalty and benefits ecosystems globally. What metrics support this claim?
Our claim is based on two key factors: our supply ecosystem and our ability to serve clients across multiple geographies.
We’re likely the only company with such a broad, centralized supply spread across nine countries, managed from India while maintaining high SLAs and consistent service delivery. We also have a strong understanding of the varied needs of clients in different regions, such as the UAE, KSA, and Singapore. This localized understanding of consumer behavior allows us to expand effectively across regions, and we plan to continue scaling this model into new markets.
Customer data security is a growing concern globally. How does Thriwe ensure the protection and privacy of user data, especially with the large volume of transactions and partnerships?
Data security is a top priority for us. We host our platforms on trusted providers like Amazon Web Services and Google Cloud, ensuring the highest level of security. We also comply with industry standards, including PCI DSS, GDPR, and ISO 27001, to ensure data protection across all platforms. Each country has specific regulations, and we make sure to follow them closely—for example, complying with central bank requirements in the UAE and SAMA in KSA. We continuously invest in security protocols and controls, and over the next three years, we’ll keep enhancing these measures to ensure that our clients feel confident in the safety and security of their data.
With Thriwe operating in multiple regions, can you provide insights into your revenue distribution across different markets? Which regions have shown the highest growth, and what trends do you attribute this to?
The GCC remains one of our fastest-growing markets, driven by the region's ongoing evolution and immense opportunities.
This growth isn’t just short-term; I see it as a ten-year trajectory where innovation will continue to fuel expansion. Companies that can keep pace with this rapid change will thrive in the GCC, making it a key focus for us. India, meanwhile, remains a stable and growing market, and we’re also seeing promising opportunities in Southeast Asia. As we prepare to enter Australia, that will round out our Asia Pacific strategy. However, the most exciting region for us right now is definitely the GCC.
In light of increasing competition in the benefits and loyalty platform space, what are your yearly growth targets, both in terms of revenue and market share?
Our goal is to maintain a compound annual growth rate (CAGR) of 25% or more, even as our base has grown larger. While we don’t expect 100% growth year-over-year anymore, we are focused on sustaining this strong performance. In terms of market contribution, the GCC is expected to account for about 60% of our overall revenues and will likely be our most profitable region. We also anticipate investing heavily in the GCC, given the vast opportunities here.
Earlier this year, Thriwe announced plans to invest $25-30 million to expand into the wider MENA region. Can you share how this expansion is progressing?
So far, our expansion is on track, though we haven’t yet deployed the full capital. We’ve begun investing, with the launch in Saudi Arabia last year marking the start of this effort. We’re looking to grow further across the GCC, and Egypt is on our radar for the near future, possibly next year. While a portion of the capital will also be allocated to India, Southeast Asia, and Australia, the GCC remains our main focus. I see this as just the beginning of a long-term journey. My vision is to continue growing Thriwe, with the goal of eventually stepping down as chairman when I’m 75, having achieved numerous milestones along the way. There's still a long way to go, and many more milestones to reach!
Thriwe began as a golf loyalty program and expanded into multiple industries. Do you plan to sign well-known ambassadors in other sectors, as you did with Kapil Dev in India?
Yes, we’re actively exploring partnerships with ambassadors across different regions. We're considering influential figures in the UAE and Saudi Arabia to align with our regional expansion, and we’ll be working with local celebrities and prominent personalities in these markets.
Looking ahead, what are your growth plans for Thriwe in the Middle East? Are there any emerging markets or services you’re planning to explore?
Over the next three years, our focus is on becoming a tech-first organization across all regions, with the Middle East being our most exciting market. We're also exploring new opportunities, particularly in the AI space. We're currently brainstorming how AI can enhance loyalty programs, although it’s still in the early stages. This will be a key part of our expansion strategy, and we aim to have a strong market presence in the next few years.