In a funding round led by Qatar-based venture capital Sirious One, Inflection Point Ventures, and Let’s Venture, Bollywood actor Suniel Shetty and IT ministry-backed startup Regrip have raised $2 million, or approximately Rs 16.7 crore.
In addition, a number of angel investors participated in the round, including Aparna Thyagarajan, co-founder of Shobitam, chairman of TIE Angels Mahavir Pratap Sharma, and co-founder of EaseMyTrip Rikant Pitti.
Additionally, Regrip has given seed investor IIMA Ventures an exit.
The funds that will be raised will go toward strengthening Regrip’s tire collection network and enabling the company to expand this cutting-edge technology deployment with tire companies. It intends to increase its environmental impact by extending the life of used tires, cutting waste, and revitalizing them.
Regrip, a company founded by Tushar Suhalka, is expanding its network of locations for collecting used tires.
The startup uses shearing and retreading techniques to create refurbished tires from premium rubber.
