TyrePlex Pockets INR 20 Cr To Digitise India’s Tyre Space

SUMMARY

The funding was led by PeerCapital along with Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100Unicorns

The fresh capital will be deployed in multiple areas such as expanding into new markets, add more services and enhance the company’s technology stack

As per a research, the Indian tyre industry will become a $29.16 Bn market by 2030 growing at a CAGR of 8.21%

B2B tyre marketplace for dealers TyrePlex has bagged INR 20 Cr (around $2.3 Mn) led by PeerCapital, along with participation from Titan Capital Winners Fund, Sattva Family Office and existing investors, including 100Unicorns.

With the fresh capital, the Delhi NCR-based company plans to expand its footprint into 25 new cities and boost its distributional network. Moreover, it also plans to add more services to the tyrebrands they work with and its dealers which includes tailored solutions for customer relationship management, inventory optimisation and advanced analytics to drive informed decision making.

Apart from this, the proceeds would be deployed to enhance the company’s technology stack and dealer centric tools. It also plans to build an effective team to support its expansion plans.

“With this new funding, we’ll supercharge our growth and broaden our geographical footprint. We’re committed to relentless innovation, delivering state-of-the-art, data-driven solutions that adapt to the ever-evolving demands of the tyre industry,” said Puneet Bhaskar, cofounder and CEO at TyrePlex.

“The opportunity to drive efficiency, scale, and trust while integrating intelligence across the tyre supply chain is immense. With a sharp focus on tech-enabled profitability and sustainability, TyrePlex is set to become a highly impactful player in the industry,” Ankur Pahwa, managing partner at PeerCapital said.

Founded in 2020 by Bhaskar, Nikhil Kalra, Jiveshwar Sharma and Rupendra Pratap Singh, TyrePlex is a technology and products company which aims to digitise the tyre industry in India. It claims to have more than 20,000 registered dealers on its platform and helps them to increase their profitability, provide hassle-free procurement and also help them to set up online stores to generate demand. It also has offline partnered stores to serve its customers.

As per a research, the Indian tyre industry will become a $29.16 Bn market by 2030 growing at a CAGR of 8.21%.