Dhruv Verma & Thriwe: Inside the Resilient Journey Building a $32M Global Benefits Empire from India
Meet Dhruv Verma, founder of Thriwe. Explore his journey from early struggles to building a $32M global B2B benefits leader. Insights & key metrics inside.
Few entrepreneurial journeys capture the essence of resilience, strategic pivoting, and relentless execution quite like that of Dhruv Verma, the founder behind the B2B consumer benefits powerhouse, Thriwe. From selling notebooks in school to navigating near-bankruptcy by selling his own house, Dhruv's story is a masterclass in building a sustainable, profitable global business from India. Thriwe, his brainchild (initially known as GolfLan), now boasts impressive metrics: $32 million in revenue reported in 2024, serving over 15 million customers globally with a team of around 300 employees.
This dossier dives deep into the journey of Dhruv Verma and the rise of Thriwe, drawing heavily on insights shared during his candid conversation on the Founder Thesis podcast.
Check out the video of the conversation here or read on for insights.
🌱 Early Sparks: The Making of an Entrepreneur
Dhruv Verma's entrepreneurial drive wasn't forged in business school; it sparked much earlier, fueled by necessity and an innate hustle.
Childhood Hustle: Even in school, Dhruv found ways to make pocket money, like buying notebooks for ₹2 and selling them for ₹5 to classmates who forgot theirs – a simple arbitrage yielding ₹30 a day, a significant sum back then.
Very early, you know, even when I was in school, I was very clear that I would make my own pocket money.
Trial by Fire: Losing his father at age 10 drastically changed his family's circumstances overnight. Witnessing his mother's strength and facing financial hardship, coupled with his elder brother's subsequent health challenges, instilled in him a powerful desire for financial independence from the age of 11.
Something triggered in my head, I need to be financially independent at the age of 11.
Early Income Streams: He took tuitions, cleverly teaching English through singing to younger kids, showcasing early creativity in finding ways to earn.
Hitting Milestones Young: This relentless drive paid off. While working part-time sourcing home loans for ICICI during college, Dhruv became a star performer, earning enough to buy his first house at age 21 and two cars by 22.
🏢 Forging the Path: Corporate Lessons & Startup Itch
After completing his education, Dhruv stepped into the corporate world, gaining structure and experience but never losing his entrepreneurial spirit.
Standard Chartered (2002 onwards): His first full-time role provided structure and exposure to various banking functions, including wealth management and strategy, during a high-growth period for the bank.
CPP UK (Starting 2008): Seeking more risk, Dhruv joined CPP Group, a UK-based company entering India. He was part of the core team tasked with setting up the India operations from scratch – from office setup to hiring and building the business. This intrapreneurial experience was pivotal, teaching him the nuts and bolts of building an organization. CPP focused on card protection plans, primarily a B2B play selling through banks.
The Side Hustles Continued: Even with demanding jobs, Dhruv kept experimenting. He launched an online property aggregation platform in 2003 (ahead of its time, it failed) and a B2B stationery supply venture in 2007 (also failed, teaching valuable lessons).
One day I was very clear that I will keep making a lot of mistakes, but I will try not to make the same mistakes.
Aircel Stint (2012-2013): A brief, high-paying role at the then-telecom giant Aircel reinforced his discomfort with the "golden handcuffs" of a comfortable corporate job. Despite the lucrative paycheck, he described it as a "dope" he needed to escape, leaving after exactly one year to pursue his own venture full-time.
Every month that paycheck used to behave like a dope that's coming into your account. I used to dread it. I used to hate it to be honest with you.
🏌️♂️ The Leap & Early Struggles: Founding GolfLan (Now Thriwe)
In 2011, Dhruv took the plunge, initially launching GolfLan, born from an idea sparked while learning golf during his CPP stint in the UK. He saw a gap: providing golf access as a benefit beyond just airport lounges for the mass affluent.
Initial Vision: Democratize golf access globally. GolfLan aimed to provide memberships offering rounds at numerous courses worldwide, bypassing long club waiting lists. The first product offered access to 2000 courses for an annual fee (around ₹20,000 then), providing approx. 20 rounds.
Simultaneous Launch & Setback: Ambition ran high. Dhruv also launched Krikland concurrently, aiming to democratize gully cricket via a platform and tournament structure, even signing Gautam Gambhir as a brand ambassador. However, Krikland faced headwinds from the established cricketing bodies and was shut down within a year – a painful but crucial lesson.
The Grind: Early GolfLan days involved guerrilla marketing (Dhruv personally placing leaflets on cars at golf driving ranges) and navigating a skeptical industry ("Are you a professional golfer? No? click").
Financial Near-Death Experience: Funding the initial B2C model and the Krikland venture drained resources. Dhruv faced the harsh reality of running out of funds.
Whatever could go wrong went wrong in the first two, three years...
He had to sell his house, his car, and even his daughter's gold locket to cover expenses like salaries for his 30-member team, ensuring they were always paid on time.
Don't put good money after bad money. I learned it the very hard way. That costed me my house.
🔄 The Pivot & Finding Product-Market Fit: The Birth of Thriwe
The B2C GolfLan model, while generating cash flow (around ₹2 Crores in the first year), faced sustainability challenges. The real breakthrough came with a strategic pivot to B2B.
The Trigger: Leading banks like HDFC, launching premium cards (like Infinia), were looking for unique benefits to differentiate their offerings. Golf access fit the bill perfectly.
Shifting Gears (2015 onwards): GolfLan moved from selling individual memberships to providing golf benefits as a service to banks and corporations on a pay-per-use model. This B2B model found immediate traction.
We changed the model from B2C to B2B, and that really started bringing in revenues... that's when we realized the product market fits very well.
Rapid B2B Growth: From 2015 to 2018, GolfLan signed up nearly 20 major banks and card networks (HDFC, Axis, Mastercard, Visa, Amex, Emirates NBD, etc.) across India, Dubai, and Singapore.
Strategic Acquisitions: To strengthen supply and tech capabilities, the company acquired three golf-tech companies between 2016-2018: Golf Central (SaaS), Stay Prime (US-based hardware/SaaS), and Golf Greedy (B2C). These acquisitions helped build deeper relationships with golf courses.
Rebranding to Thriwe (2019): As banks started asking for more benefits beyond golf, the company rebranded. After a brief stint as 'PrivyStreet', the name Thriwe (with a 'W') was chosen, signifying collaboration ('We' work with clients, partners, suppliers). This marked the evolution from a golf-focused company to a multi-category B2B benefits platform.
🌐 Thriwe Today: A Global B2B Benefits Powerhouse
From its GolfLan roots, Thriwe has blossomed into a significant global player in the B2B consumer loyalty and benefits ecosystem.
Business Model: Thriwe partners with large corporations (banks, card networks, fintechs, conglomerates like LG, automotive companies like Toyota) to provide a wide array of benefits and loyalty solutions, enhancing customer/employee acquisition, engagement, and retention for its clients.
Product Verticals: Operates across five key categories:
Sports: Golf, Paddle, Pickleball, Football access.
Travel: Airport lounge access, meet & greet, airport transfers (Thriwe Voyage).
Digital: Aggregated digital services (OTT, subscriptions).
Lifestyle: Dining experiences (Thriwe Culinary), hotel benefits, gym/spa access (Thriwe Aspire).
Health: Online doctor consultations, pharmacy discounts, lab tests (Thriwe Care).
Technology Platform: Utilizes its proprietary tech (including the SURGE platform), AI tools, and tokenized reward systems to deliver seamless experiences and personalized solutions via white-labeled platforms or the Thriwe app.
📈 Growth, Funding & Strategy
Thriwe's journey highlights smart capital efficiency and strategic expansion.
Funding: Raised approximately $3 Million between 2014-2018, primarily from YourNest Fund and Africa's Ison Networks. Notably, the company hasn't raised external capital since becoming profitable in 2019, funding growth through internal accruals.
Founder Equity: Dhruv and the leadership team still own a significant majority (~65%) of the company, enabling bold, long-term decision-making.
I was very clear that I will not let this become a single digit founder equity company because then you lose control. Then you become an employee in your own company, which is not the theory I buy.
COVID Resilience: Thriwe remarkably grew 40-45% during the peak COVID year (2020) by adapting quickly and offering relevant digital and contactless benefits (like golf).
Strategic Focus: Remains firmly rooted in B2B, leveraging deep client relationships. Explores B2B2C models (e.g., co-branded passes offered via banks/NBFCs) where customer acquisition cost is negligible or negative.
✨ The Dhruv Verma Philosophy: Resilience, Relationships & Real Value
Beyond the numbers, Dhruv's leadership philosophy shapes Thriwe's culture.
Radical Resilience: Believing that "Success is not final, failure is not fatal: It is the courage to continue that counts." His journey embodies bouncing back from setbacks.
You will fall every day when you build a company, at least for the first 10 years, not the first two. You have to keep moving on.
B2B is Relationships: Success in B2B isn't just product; it's deep trust and understanding built over time.
B2B sales is not selling a product. It's building up a relationship... knowing your client in and out. I remember even remembering when their when is the dog's birthday of my client.
Profitability Over Hype: Strong advocacy for building fundamentally sound businesses rather than chasing inflated valuations.
We need more entrepreneurs, not fundraisers.
The proof of the pudding is in the eating.
Innovation is Constant: Fostering a culture where the team constantly explores new offerings and isn't afraid to fail.
Empowerment: Hiring great people and giving them autonomy.
🔮 Future Vision: The Road Ahead for Thriwe
Dhruv Verma envisions Thriwe becoming a global leader in the consumer benefits marketplace.
Ambitious Growth: Targeting ₹1000 Crore (approx. $120M) in annual revenue by 2025.
Continued Innovation: Leveraging technology like AI to enhance customer engagement and personalize offerings further.
The best way to predict the future is to create it.
Expanding Footprint: Deepening its presence in existing markets (India, Middle East, Southeast Asia) and potentially exploring new ones.
Deepening B2B Ties: Continuing to innovate and provide unique value propositions (like aggregating valet services or beach club access) to become an indispensable partner for clients.
🏁 The Final Word
Dhruv Verma's entrepreneurial narrative is a powerful testament to the Indian startup ecosystem's potential. His journey with Thriwe demonstrates that building a large, profitable, global company from India is achievable through resilience, strategic agility, deep customer understanding, and a relentless focus on execution. It's a story not just of surviving challenges, but thriving because of them.
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