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ISN scoop confirmed: Tyreplex raises Rs 20 crore from PeerCapital and Titan Capital

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Vivek Vishwakarma
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Tyreplex co-founders

(L-R): Nikhil Kalra, Jiveshwar Sharma, Rupendra Pratap Singh, and Puneet Bhaskar, Cofounders, TyrePlex

Gurugram-based B2B tyre marketplace TyrePlex has raised Rs 20 crore (~$2.4 million) in a funding round led by PeerCapital, with participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100 Unicorns.

ISN was the first to report on Tyreplex's negotiations with PeerCapital and Titan Capital.

What does TyrePlex do?

Founded in 2020 by auto-tech industry veterans, TyrePlex aims to revolutionize the highly fragmented tyre retail ecosystem in India by offering a comprehensive, technology-driven platform that empowers tyre dealers to enhance their efficiency and profitability.

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With over 20,000 registered tyre dealers, the platform provides tools to improve sales and margins, streamline procurement, manage inventory, and set up online stores.

The startup's app offers an integrated solution that simplifies operations, generates demand, and enables easy procurement of tyres with delivery within 3-4 hours.

"Our mission is to empower independent tyre dealers through our proprietary technology. Tyre dealers who work with us generate higher demand, boost profitability and optimize working capital," said Puneet Bhaskar, Co-Founder & CEO of TyrePlex.

Purpose of fundraising

The funding will be strategically deployed to accelerate growth in multiple areas. The startup plans to expand its geographic footprint into the top 25 cities across India, leveraging a combination of qualitative and quantitative data points for city selection.

By focusing on establishing a strong distribution base, TyrePlex is positioned to unlock additional services for both tyre brands and dealers. These include tailored solutions for customer relationship management, inventory optimization, and advanced analytics to drive informed decision-making.

"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," Bhaskar added. 

Focused on strengthening the technology platform

TyrePlex will also invest a significant portion of the funds towards strengthening the technology platform to further enhance dealer-centric tools and improve operational efficiencies. 

Additionally, the startup will pilot tyre recycling and reverse logistics initiatives, addressing key sustainability challenges in the industry. It is also focusing on creating a lean yet highly effective team to support its city expansion plans.

Industry's growth potential

The tyre market in India, valued at ~$13 billion in 2024, is projected to grow to ~$30 billion by 2032. Despite this growth, the sector remains dominated by unorganized and unbranded outlets, with ~90% of tyre dealers operating as multi-brand stores.

TyrePlex said that its asset-light, fully managed B2B e-commerce platform is uniquely positioned to bridge this gap by offering dealers a reliable solution for high product availability, competitive pricing, and seamless operations.

The startup claims to have achieved a 13x revenue growth since 2022 and currently operates in Delhi NCR and Bengaluru, Karnataka.

Ankur Pahwa, Managing Partner at PeerCapital, said, “TyrePlex is perfectly positioned to lead the transformation of an unstructured market. 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, they’re set to become a highly impactful player in the industry."

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