ISN Exclusive: Titan Capital-backed tyre startup Tyreplex in talks to raise fresh funding from PeerCapital

Titan Capital-funded Tyreplex, an e-commerce company that sells tyres for different types of vehicles, is in the advanced stages of raising fresh funds as it sets sights on a new growth journey that will help cater to more users, sources in the know told IndianStartupNews (ISN). 

The new capital is coming to the company around 18 months after it raised its previous round, of around Rs 13 crore back in April 2022 from Venture Catalysts, ADvantage, 100Unicorns and more. 

This time, Tyreplex is all set to raise Rs 20-25 crore, almost double from last time, in its Series A round led by PeerCapital, sources told ISN. Series A round is one that usually comes after Seed funding and once new startups have proved their business model as a sustainable, scalable one. 

“Tyreplex is being valued in the ballpark of around Rs 150-170 crore during this fundraise,” a source told ISN. 

PeerCapital and Tyreplex chose to not reply to ISN’s questionnaire seeking more details. 

The startup, which is based in Gurugram, provides a host of services. Apart from selling tyres to customers, it also allows buyers to request tyre fitment services at a dealer near them via the Tyreplex platform or an end-to-end solution. Once the company has more funds, it will look to build on this and take offerings further.

It is also big on B2B, connecting various dealers. 

Founded in 2020, Tyreplex is run by Puneet Bhaskar, Rupendra Pratap Singh, Nikhil Kalra, Jiveshwar Sharma, and Sunish Kumar.

All the top executives have worked in the car/automotive industry for several years. While Bhaskar and Singh were earlier at Droom Technology, a used car dealer, Kalra and Sharma were at the CarDekho Group, another key company in the used car space. 

Tyreplex is a rival to Koovers, Boodmo, Autozilla, Autoverse and several other companies that deal in similar businesses.