 "Thriwe earmarks $30 mn for acquisitions, to buy Alliances Galore")
B2B consumer benefits marketplace Thriwe on Wednesday said it has earmarked USD 30 million (over Rs 220 crore) for buyouts and is looking at acquiring 3-4 strategic assets in the next 18 to 24 months to drive business growth.
The company has also announced its fourth strategic acquisition. It will acquire Delhi-based offline consumer benefits marketplace Alliances Galore in a share-swap deal and the transaction is expected to be completed by March 2022.
The acquisition will catapult Thriwe in a dominating position, making it the market leader in the dining, lifestyle and hyper local service dissemination channel, while adding 1.5 lakh merchants across seven countries into the Thriwe network, a statement said.
Thriwe has reported 100 per cent growth y-o-y for the last three financial years, taking the valuation at over US 100 million, it added.
Following the acquisition, Alliances Galore founders Vikul Chander and Mahipal Singh will hold minority equity in Thriwe, valued at over USD 10 million.
"This acquisition is a remarkable step in our journey which will enable Thriwe to digitise consumer benefits for over 1.5 lakh merchants across India and outside. We are keen to invest another USD 30 million and are further looking to acquire 3 to 4 strategic assets in the next 18 to 24 months for business growth," Thriwe founder and CEO Dhruv Verma said.
With such a growth spurt, Thriwe is on a strong path to establish itself as the market leader in lifestyle business space with the target revenue of Rs 500 crore by FY 2022-2023, he added.
Vikul Chander, founder and CEO of Alliances Galore, said the company has over a decade's experience of curating, executing and maintaining alliances across a global spectrum spanning over 20 countries and 70,000 merchants.
"With such strong network operations across varied sectors including lifestyle, dining, health and wellness and retail, we will surely add immense value to Thriwe's consumer engagement offerings, he added.
Thriwe (erstwhile Golflan) has, in the last eight years, made three acquisitions - StayPrime, GolfGreedy and Golf Centra.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
