Consumer Benefits Marketplace Thriwe Acquires Health-Fintech UCare Health 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 Teena Jose •
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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
"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," said Dhruv Verma, founder and CEO, Thriwe.
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. 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, according to an official statement by the company.
"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.
UCare is expected to grow to INR 200 crore revenue in the next two years, under this acquisition, the statement added.
