Thrive calls it a day after 5 years; Dhruv Dewan moves to Tata Digital

After years of competing with food delivery giants Swiggy and Zomato, Thrive, a direct ordering platform for restaurants, has officially ceased operations. Co-founder Dhruv Dewan announced the news in an emotional post on LinkedIn, marking the end of a disruptive chapter in India’s food tech space.

“After five incredible years, we decided to wrap up Thrive. Navigating market dynamics and competing profitably in a space dominated by the duopoly of Zomato and Swiggy proved immensely challenging,” wrote Dewan.

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From loyalty SaaS to food tech challenger

Thrive was launched in 2020, during the early stages of the pandemic, as an offshoot of the Hashtag Loyalty platform, which was founded in 2016. The team, originally focused on customer retention and loyalty marketing for restaurants, including Dewan, Karan Chechani, and Krishi Fagwani, pivoted to create Thrive.

The platform offered a SaaS-based solution that allowed customers to place orders directly with restaurants, eliminating intermediaries. Thrive operated on a low-commission model of around 3% per order, appealing to restaurants in search of healthier profit margins.

Despite this appeal, achieving sustainable scaling in a market dominated by Swiggy and Zomato, which control pin-code reach, logistics, and consumer mindshare, has proven to be a long-term challenge.

In 2021, Jubilant FoodWorks acquired a 35% stake valued at Rs 24.75 crore in Hashtag Loyalty, providing Thrive with significant endorsement.

Dewan, at the time, said the partnership was less about Domino’s pizza being sold on Thrive and more about leveraging Jubilant’s marketing and ordering prowess to scale the platform. Later, Coca-Cola also backed Thrive, reinforcing its credibility in a space where traditional delivery models were increasingly being questioned.

“We’ve reached over 7,000 restaurants and fulfilled over a million orders without spending on market capital,” Dewan had told afaqs! in a 2021 interview. Thrive was active in over 100 cities, with higher average order values compared to competitors.

“While the outcome wasn’t what we hoped for, I’m incredibly grateful... Every restaurant that trusted us, promoted us, and stood by us  you made this journey unforgettable,” Dewan stated in his LinkedIn post.

What’s next for Dewan?

After Thrive's closure, Dewan has joined Tata Digital, where he is now leading initiatives in the Electronics ecosystem across Quick Commerce and Omni-channel verticals.

“I’m focused on building the Electronics ecosystem... one that not only competes but aims to set new benchmarks,” Dewan wrote.

“After food, it's now time to build Electronics.”

This marks a notable shift from food and beverage to consumer technology retail; however, Dewan's ambition seems unchanged, as he continues to challenge established players and build from foundational principles.