Thriwe is a one-stop solution for loyalty programmes and benefits globally. engagement, retention, and growth. Founded by Dhruv Verma in 2011, Thriwe is headquartered in India, with a global presence in the UAE, KSA and Singapore, with a workforce of 300 employees.
Their tech-enabled loyalty and benefits ecosystem has over 100,000 partner associations and service delivery in 130 countries. With over a decade of experience, Thriwe said that it specialises in transforming business transactions into long-term, meaningful relationships.
Medianews4u.com caught up with Dhruv Verma, Founder and CEO, Thriwe
Q. In 2024 what trends were seen in the rising use of loyalty points/programmes in the country? Were the trends similar or different compared to other markets like Singapore, and the UAE?
In 2024, India’s loyalty programmes underwent a significant transformation. Co-branded credit cards from partnerships like Swiggy-HDFC and Amazon-ICICI became increasingly popular, offering targeted consumer benefits. The market shifted towards more experiential rewards, moving beyond traditional point systems to provide premium experiences in dining, events, travel, and sports.
Loyalty programmes expanded beyond banking, with sectors like home durables and electricity distribution companies developing sophisticated engagement strategies. Benefits evolved to include non-traditional perks such as complimentary meals at popular airport restaurants and personalised travel privileges such as airport pick up and drop.
Compared to markets like Singapore and the UAE, India’s loyalty ecosystem demonstrated a unique approach—more value-oriented and broadly accessible, while maintaining a focus on comprehensive, personalised consumer experiences. The trends reflected a maturing market that understands modern consumers seek meaningful engagement beyond simple point accumulation.
Q. What tactics did Thriwe employ to grow business by ensuring that loyalty programmes worked for clients?
Thriwe strategically grew its business by developing loyalty programs with customised, wide-ranging benefits. The company implemented integrated technology platforms that enabled smooth redemption experiences and maintained 24×7 customer support for rapid query resolution. By leveraging a multi-regional partner network, Thriwe offered cross-border benefits in the BFSI sector, introducing innovative rewards like valet parking, club access, and meet-and-greet services. This approach transformed traditional loyalty programmes into comprehensive, experiential offerings that added genuine value for clients and their customers.
Q. Could you give examples of work done with clients that stood out in 2024?
This year, we distinguished ourselves through a series of standout client collaborations that showcased innovative approach to loyalty programmes. With HSBC, we developed a unique Golf League in India, offering an experiential benefit that went beyond traditional rewards. For Emirates NBD (ENBD) and Mastercard, Thriwe implemented a premium airport pick-up and drop-off service, enhancing the travel experience for cardholders.
In the UAE market, we created comprehensive lifestyle benefits that included extensive club access across premium hotels, covering fitness centres, gyms, pools, and beach clubs. The partnership expanded to include valet parking services in both UAE and Saudi Arabia, adding convenience and luxury to customer experiences. Several major banks now offer exclusive perks through our partnership.
Saudi National Bank (SNB) features dining benefits, Alrajhi Bank provides programmes like golf perks, valet parking and HSBC offers club passes and dining privileges.
A notable project with MSIG in Singapore involved developing lifestyle benefits that further demonstrated Thriwe’s ability to create multi-dimensional loyalty programmes that transcend traditional point-based rewards. These collaborations highlighted the company’s expertise in designing innovative, client-specific loyalty solutions that deliver real value and enhanced customer engagement across different sectors and regions.
Q. Thriwe has worked with each of its clients for at least five years. What factors like R&D investments have worked in building long-term relationships?
Thriwe’s enduring partnerships, with clients like Axis Bank, HDFC, HSBC, VISA, Mastercard, Standard Chartered Bank, Emirates NBD, Mashreq, and American Express have spanned over five years, and are mainly fostered by a strategic approach that prioritises technological integration, consistent innovation, and multifaceted engagement.
By seamlessly integrating their solutions into client platforms and continuously introducing new offerings through strategic partnerships, we ensure a dynamic and relevant value proposition.
Additionally, cultivating relationships across diverse teams within client organisations, both vertically and horizontally, strengthens the bond and facilitates comprehensive collaboration. This commitment to innovation, coupled with the ability to provide multi-country benefits, solidifies our position as a long-term partner of choice.
Q. What role did acquisitions play in 2024 for Thriwe in scaling up?
In 2024, acquisitions played a crucial role in Thriwe’s scaling strategy. The acquisition of Ucare, a comprehensive health benefit platform, allowed us to enhance its offerings and provide a more robust solution to its clients under the Thriwe Care brand.
This strategic move strengthened our position in the market and expanded its capabilities to better serve its growing customer base.
Q. What was the big challenge did companies faced in 2024 in retaining customers through loyalty programmes in a cluttered market?
In 2024, companies faced significant challenges in retaining customers through loyalty programmnes in a highly competitive market. Key obstacles included service differentiation, pricing differentiation, and the ability to offer unique and valuable benefits that stand out from the competition.
Customers increasingly favoured loyalty programmes with instant redemption options, making complex redemption processes less attractive. Additionally, the shift away from personalised and experiential benefits toward less engaging offerings may impact customer loyalty and engagement.
Traditional cashback and points-based systems are becoming less favored among younger generations, who tend to prefer immediate and tangible rewards. To effectively connect with today’s digitally savvy consumers, brands could focus on experiential benefits—while they may require more effort to implement, they have the potential to foster long-term customer loyalty.
Q. Did social media and influencer marketing in 2024 play an important role for brands in creating awareness about their loyalty and rewards programmes, especially during the festive season?
While social media remains a valuable tool for B2B businesses to enhance brand awareness, credibility, and trust, its impact on directly driving customer acquisition and engagement is less pronounced compared to B2C brands. This is because B2B transactions often involve complex decision-making processes and longer sales cycles.
Consequently, influencer marketing, a strategy heavily relied upon by B2C brands to connect with consumers, is less frequently utilised by B2B companies. During the festive season, however, B2B brands might leverage social media to share goodwill messages, showcase corporate social responsibility initiatives, or announce special offers or discounts.
Q. Is the media and entertainment sector an important client base for Thriwe? kindly elaborate.
The media and entertainment sector, while not a traditional client base for Thriwe, has the potential to benefit from loyalty programmes targeting its premium client base. However, our primary focus lies in B2B brands, whose unique requirements and challenges differ from those of B2C businesses in the media and entertainment industry.
Q. Looking ahead to 2025, what are Thriwe’s plans to scale up? How important will predictive modelling be?
For the coming year, we aim to scale up by expanding its geographical footprint into the APAC and GCC regions by strengthening regions like KSA and Australia. The company plans to innovate its offerings and benefits and will introduce a DIY platform to cater to clients seeking quick and customised loyalty programmes.
Additionally, we are looking at launching digital acquisition for Banks with a pilot in the UAE. Enabling clients to offer one of the largest benefits and rewards ecosystem backed by an intuitive and quick QR-based technology to enable seamless and efficient customer acquisition. To better understand consumer tastes and behaviours, the company will invest in AI and ML-driven loyalty platforms, enabling it to launch new and relevant offerings.
Predictive modelling will play a crucial role in these endeavours, helping Thriwe anticipate customer needs, optimise marketing strategies, and make data-driven decisions.
10. Could you talk about expanding beyond India to other markets like the Middle East?
We are actively expanding its presence beyond India, with a focus on the Middle East market. With presence already in the UAE, we are currently expanding into Saudi Arabia. By forging strong partnerships and relationships with major banks and networks in the region, we are looking to further strengthen our position. In addition to the UAE, the company has a growing network of offers and merchant partnerships in other GCC countries such as Egypt, Kuwait, Qatar, and Oman.
