TyrePlex raised Rs 20 Cr funding from PeerCapital, Titan Capital Winners Fund, others
In a funding round led by PeerCapital, the B2B tyre marketplace TyrePlex has raised Rs 20 crore, or about $2.4 million. Titan Capital Winners Fund, Sattva Family Office, and 100 Unicorns are among the current investors who have contributed to the round.
Growth in a number of areas will be accelerated by the proceeds. With the help of both qualitative and quantitative data, TyrePlex intends to increase its geographic presence by entering the top 25 Indian cities.
In order to address the major sustainability issues facing the sector, TyrePlex will test initiatives for tire recycling and reverse logistics. As part of its plans to expand into new cities, the company is also concentrating on building a small but highly productive team.
Established by Puneet Bhaskar in 2020, TyrePlex offers customized solutions for inventory optimization, CRM, and advanced analytics to support well-informed decision-making.
The platform offers tools to increase sales and margins, streamline procurement, manage inventory, and establish online stores, and it has over 20,000 registered tire dealers. An integrated solution that streamlines operations, creates demand, and facilitates simple tire procurement with 3- to 4-hour delivery is provided by the company’s app.
Market research indicates that the Indian tire market, which was estimated to be worth $13 billion in 2024, is expected to reach $30 billion by 2032. Approximately 90% of tire dealers operate as multi-brand stores, indicating that unorganized and unbranded outlets continue to dominate the industry despite this growth.
TyrePlex, which presently only operates in Bengaluru and Delhi NCR, asserts that it has already seen a 13x increase in revenue since 2022.
