Founded by Tushar Suhalka, REGRIP uses quality-grade rubber to make refurbished tyres through shearing and retreading process. These tyres cost half the price of new products and are used by small and medium trucking companies
The startup plans to use the freshly raised capital for tech innovation and scale up its collection network of discarded tyres
REGRIP also aims to accelerate its impact on the environment by revitalising discarded tyres, reducing waste and maximising their lifespan
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Reengineered tyre startup REGRIP has raised $2 Mn (INR 16.7 Cr) in an undisclosed funding round co-led by SiriusOne Capital, Inflection Point Ventures and LetsVenture.
The round also saw participation from a host of angel investors, including EaseMyTrip’s cofounder Rikant Pitti, TIE Angels chairman Mahavir Pratap Sharma and Shobitam’s cofounder Aparna Thyagarajan among others.
The funding also gave exit to REGRIP’s early investor IIMA Ventures.
The startup plans to use the freshly raised capital for tech innovation and scale up its collection
network of discarded tyres. Apart from this, it also aims to accelerate its impact on the environment by revitalising discarded tyres, reducing waste and maximising their lifespan.
Founded by Tushar Suhalka, REGRIP uses quality-grade rubber to make refurbished tyres through shearing and retreading process. These tyres cost half the price of new products and are used by small and medium trucking companies.
Suhalka said, “This investment will enable us to expand our technological capabilities and bolster our efforts in building a robust collection network for discarded tyres across the nation. Our goal is not just to revolutionise the tyre recycling industry but also to make a significant impact on the environment.”
Actor Suniel Shetty, who is also one of the backers of REGRIP, has said that the idea of recycled tyres will not only ensure greener ecosystem but also enhance lifecyle of tyres.
India’s cleantech startups have been gaining a lot of traction from investors for quite sometime now.
For instance, in March, Sprih bagged $3 Mn funding to offer an AI-powered platform designed to assist companies in streamlining their path towards attaining sustainability goals.
Also, another startup Bambrew secured INR 60 Cr to offer packaging solutions which are alternatives to single-use plastics.
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