Business to business (B2B) consumer benefits marketplace Thriwe, which is backed by venture capital firm YourNest, on Wednesday said it has signed a definitive agreement to acquire Alliances Galore in a share-swap deal.
Dhruv Verma, founder and CEO of Thriwe, said in a statement that the acquisition will help the company to digitise consumer benefits for over 150,000 merchants across India and abroad. The acquisition is also expected to help the company build competencies in the offline space. Financial details of the transaction were not disclosed.
Earlier this week, VCCircle reported that Thriwe, formerly called Golflan Technology Solutions Pvt Ltd, was set to buy Delhi based Alliances Galore.
Verma also said that the company is looking to acquire three to four strategic assets in the next 18-24 months for business growth. The company has earmarked Rs 220 crore (around $30 million) for acquisitions.
The company, which is valued at $100 million, is targeting a revenue of Rs 500 crore by fiscal 2022-2023, he added.
Post the acquisition, Alliance Galore’s team will be entirely absorbed into Thriwe. Alliances Galore, founded by Vikul Chander, is an offline consumer benefits marketplace with expertise in lifestyle, dining, health and wellness and retail sectors. The company has presence in more than 20 countries with over 100,000 merchant partners.
The acquisition is expected to be completed by March next year.
Thriwe was founded in 2011 by Dhruv Verma, an avid golfer and an XLRI alumnus with experience across BFSI, BPO and telecom. It is headquartered in India and has offices across the UAE, Singapore, London and Florida.
The company runs a tech-enabled golf management platform. It has also evolved to offer a host of lifestyle, wellness, entertainment and shopping benefits via its flagship subscription-based digital programme called We-Live.
In 2015, the startup had raised an undisclosed amount in seed funding from early-stage investor YourNest Angel Fund.
This is the fourth acquisition by Thriwe. It had previously bought StayPrime, GolfGreedy and Golf Centra.