The B2B tyre marketplace plans to expand into 25 cities, enhance its technology platform, and pilot sustainability initiatives, addressing key industry challenges while empowering over 20,000 tyre dealers with innovative tools and solutions.
16 Jan 2025 | 7915 Views | By Autocar Pro News Desk
TyrePlex, a leading B2B tyre marketplace in India, has raised ₹20 crore (approximately $2.4 million) in its latest funding round. The round was led by PeerCapital, with participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100 Unicorns.
The funds will support TyrePlex’s plans ...
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TyrePlex, a leading B2B tyre marketplace in India, has raised ₹20 crore (approximately $2.4 million) in its latest funding round. The round was led by PeerCapital, with participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100 Unicorns.
The funds will support TyrePlex’s plans to expand its operations across 25 major cities in India. The company aims to leverage data-driven insights to establish a strong distribution network, enabling enhanced services for tyre brands and dealers. These services include tools for customer relationship management, inventory optimisation, and advanced analytics to improve decision-making.
A portion of the investment will focus on upgrading TyrePlex’s technology platform to improve dealer-centric tools and operational efficiency. The company also plans to pilot initiatives in tyre recycling and reverse logistics to address sustainability challenges in the tyre industry. As part of its expansion strategy, TyrePlex is also building a lean yet effective team to support its growth.
Founded in 2020, TyrePlex aims to streamline the fragmented tyre retail ecosystem in India. Its platform serves over 20,000 registered dealers, offering solutions to improve sales, manage inventory, and streamline procurement. The platform's app integrates these tools, enabling dealers to simplify operations and procure tyres with delivery times as short as three to four hours.
The company’s dealer-focused approach has earned high satisfaction scores and strong repeat business. Its reliability in product availability, competitive pricing, and seamless operations have contributed to building trust and loyalty among users.
Speaking about the funding, TyrePlex Co-Founder and CEO Puneet Bhaskar said, “This investment will help us scale our operations and expand our geographical footprint. We remain committed to empowering independent tyre dealers with innovative, data-driven solutions that address their evolving needs.”
PeerCapital Managing Partner Ankur Pahwa emphasised the potential of TyrePlex to transform the unorganised tyre market. “The company is well-positioned to enhance efficiency, scale, and trust within the supply chain. Their focus on technology and sustainability makes them a key player in the sector,” he said.
Shiv Kapoor, Vice President at Titan Capital Winners Fund, added, “TyrePlex bridges the gap between tyre manufacturers, dealers, and customers in a fragmented market. We are excited to continue supporting their growth.”
The Indian tyre market, valued at USD 13 billion in 2024, is expected to grow to USD 30 billion by 2032. Despite this growth, 90% of tyre dealers operate as multi-brand outlets, highlighting the industry’s fragmented nature. TyrePlex’s asset-light, B2B e-commerce platform addresses this gap by ensuring reliable product availability and efficient operations.
Currently operating in Delhi NCR and Bangalore, TyrePlex has reported a 13x revenue growth since 2022. Headquartered in Gurugram, the company plans to expand its offerings to related categories and tackle industry challenges through sustainable practices.