Consumer benefit marketplace Thriwe acquires health and financial wellness platform UCare

Thriwe, a consumer benefits marketplace, has acquired health and financial wellness platform UCare Health (UCare) for an undisclosed amount in an all-cash deal to enter the $120 billion prepaid card segment.

This is the company’s sixth acquisition in the last six years and as part of the latest deal, Mumbai-based UCare’s over 100 employees along with its founder will join Thriwe as a part of its larger global expansion plan.

“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,” Dhruv Verma, founder and CEO, Thriwe, said.


The prepaid card space is growing at a 36% CAGR and is expected to reach $760 billion by 2028. Thriwe expects UCare to become a Rs 200 crore brand in the next two years.

“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, a tech-enabled platform that has an ecosystem of healthcare and emergency services.

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, it said in a statement.

Founded in the year 2011 by Dhruv Verma, an XLRI alumnus, Thriwe has headquarters in India and offices across the UAE, Singapore, London, and Florida. It has raised funding from the angel fund YourNest fund and Africa’s Ison Networks. The company has allocated $15 million for the growth of UCare for the next few years.