Mithu, a promising new loyalty platform aggregator focused on the restaurant and café industry in Saudi Arabia, has secured a substantial pre-seed investment of $500,000 from Adaverse, a prominent Web3 venture builder. This investment marks a significant step forward in Mithu’s mission to solve a major challenge in the loyalty program market, where customers often struggle to manage multiple programs, leading to billions of dollars in points expiring each year.
Currently, the adoption of loyalty programs in Saudi Arabia is surprisingly low, with only 2.5% of restaurants offering such initiatives. This statistic reveals a massive, untapped market opportunity. On a global scale, around $100 billion worth of loyalty points expire annually, underscoring the inefficiencies and fragmentation of existing loyalty systems. Customers typically juggle an average of 17 different loyalty programs, and a significant 68% of them drop out within the first year.
Mithu is stepping in with an innovative solution that consolidates multiple loyalty programs into a single, gamified app. This approach is designed to increase customer engagement and help businesses, particularly small and medium-sized enterprises (SMEs) in the food and beverage sector, retain their customers more effectively. Although Mithu was founded only this year, it has already gained considerable traction, securing agreements with around 200 restaurants in Riyadh.
Expressing excitement about the partnership with Adaverse, Mithu’s founder, Mohsin Qureshi, emphasized how Adaverse’s deep expertise in Web3 and gamification will be crucial in developing a tokenized version of Mithu’s app. The financial support from Adaverse will significantly accelerate Mithu’s entry into the market, enabling the company to deliver enhanced services to its clients and users.
Vincent Li, founding partner of Adaverse, voiced his enthusiasm for investing in Mithu. He recognized the extensive experience of Mithu’s founding team in the restaurant and retail sectors and highlighted the immense potential to transform this space in Saudi Arabia. Adaverse is eager to leverage its global technological expertise and Web3 knowledge to support Mithu in creating cutting-edge solutions. The combination of Mithu’s industry insights, technological innovation, and the market opportunities ahead positions the platform for substantial success and growth.
Mithu’s leadership team brings a wealth of expertise that places the company at the forefront of innovation in Web3, artificial intelligence (AI), and customer loyalty. CEO Mohsin Qureshi has over 15 years of experience in food technology, quick-commerce (q-commerce), and technology startups, having held significant leadership roles at companies like Foodics, Cheetay, and Delivery Hero. Mithu’s CTO, Asif Ali, complements this experience with his leadership background at Careem, Swvl, and Foodpanda, alongside his ongoing pursuit of a Ph.D. in AI.
With Adaverse’s investment and Mithu’s forward-thinking approach, the company is well-positioned to make a significant impact on the loyalty program market in Saudi Arabia and beyond. This partnership is expected to not only enhance customer retention for businesses but also simplify the management of loyalty programs for consumers, addressing the inefficiencies and frustrations that have long plagued these systems. As Mithu continues to expand and refine its platform, the company’s growth is anticipated to set new standards in the industry, delivering a seamless and engaging loyalty experience for both businesses and customers.