Enterprise IoT Solutions Provider Tyre Express Raises Seed Funding Via IvyCamp

B2B marketplace for lifecycle management of commercial vehicle tyres Tyre Express has raised an undisclosed amount in Seed funding via IvyCamp.

Mumbai-based Tyre Express was founded by Dinesh Wakale, Brijesh Shukla, and Vinit Palkar. It works with its partners to offer a range of financial solutions for sourcing tyres and leverage technology to enable the lifecycle management of tyres.

The startup is working on an IoT-based solution for vehicle diagnostics. It has also developed a platform to track and monitor performance of tyres in real-time for fleet operators. The platform enables a fleet operator to enhance tyre life, improve fuel efficiency, reduce incidence of accidents, and improve the overall operational efficiency for the fleet.

Tyre Express targets working with fleet operators and the team is also collaborating with tyre OEMs to improve service offerings to institutional clients.

Commenting on the announcement, Adhiraj Banerjee, Executive Director at IvyCamp said, “We have a dedicated focus on the deep tech and IoT verticals here at IvyCamp. But there hasn’t been too much support for early-stage IoT and hardware startups in the Indian ecosystem. But we feel that new sensor technologies and information infrastructure development will augment the Indian IoT startup story and we will find many more such investment transactions happening in this space.”

In February 2016, angel backed accelerator, VentureNursery selected Tyre Express for its 13-week acceleration programme.

Earlier this week, Bengaluru-based workforce development startup Leadburg raised an undisclosed amount of funding led by the IvyCamp platform from enterprise tech veterans Harsh V. Pant and Ratheesh Raveendran.

IvyCamp is a unified technology based platform that leverages the Global Alumni Network to help entrepreneurs. It has facilitated investments in early stage startups like FT cash, Grabon, Idea Bubbles, Mr. Hot Foods, etc.