Thriwe, a technology-focused consumer benefits marketplace, has recently disclosed that it has fully acquired UCare Health (UCare), a digital health and financial wellness platform. The acquisition was made through an all-cash deal, and the exact amount was not revealed by either party.
Thriwe has been utilizing mergers and acquisitions to expand its business for over a decade, and its latest acquisition marks the fifth in the past six years, as per reported by BW Disrupt.
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“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, of UCare.
Gugnani, who previously served as the CEO of Reliance Capital Asset Management Limited, founded UCare in 2017 to revolutionize the health and benefits experience for employers and employees alike. UCare's tech-enabled platform provides a range of healthcare and emergency services through a smartphone app. These services include access to 24/7 ambulance service, teleconsultation, discounted medicines, and laboratory tests, among others.
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“By combining our strengths, we can offer a more holistic approach to employee benefits that integrates wellness, lifestyle, and rewards. This merger allows us to provide our customers with even more value and create a more positive and engaging employee experience. We're thrilled about the possibilities this partnership presents and look forward to bringing innovative solutions to the market,” Gugnani added.
Thriwe was founded in 2011 by Dhruv Verma, an XLRI alumnus and passionate golfer. Since then, Thriwe has expanded globally and now has headquarters in India, as well as offices in the UAE, Singapore, London, and Florida.
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Dhruv Verma, founder and CEO, Thriwe, said, “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.”
In addition, the New Delhi-based company has earmarked $15 million to support the growth of UCare over the next several years. UCare, which is already a profitable company, is projected to achieve Rs 200 crore in revenue within the next two years as a result of this acquisition.
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