yrePlex, a B2B tyre marketplace, has successfully raised Rs 20 crore (around $2.4 million) in its latest funding round. The round was led by PeerCapital, with additional participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors like 100 Unicorns. The fresh capital will fuel TyrePlex’s expansion across multiple areas, driving both geographic and operational growth.
Founded in 2020 by Puneet Bhaskar, TyrePlex has quickly emerged as a leader in the Indian tyre industry, offering a comprehensive platform designed to streamline sales and operations for tyre dealers. The company’s platform has garnered over 20,000 registered tyre dealers, providing tailored solutions for customer relationship management, inventory optimization, and advanced analytics. TyrePlex’s app offers an integrated solution that simplifies procurement, boosts margins, and enables deliveries within 3-4 hours, driving significant demand generation in the process.
The company plans to utilize the raised funds to expand into the top 25 cities across India, using a data-driven approach to select the most viable locations. This expansion strategy comes on the heels of impressive growth for TyrePlex, which has already achieved a 13x revenue increase since 2022. Despite currently operating only in Delhi NCR and Bengaluru, TyrePlex is positioned to tap into India’s growing tyre market, which is valued at approximately $13 billion in 2024 and is expected to reach $30 billion by 2032.
TyrePlex is also focusing on sustainability, planning to pilot tyre recycling and reverse logistics initiatives as part of its long-term strategy to address environmental concerns in the tyre industry. These efforts will complement the company’s goal of building a lean and highly effective team to support its geographic expansion.
With the tyre market in India dominated by unorganized and multi-brand outlets, TyrePlex aims to provide a structured, tech-driven solution that offers more efficient procurement, inventory management, and sales tools for dealers. Through its growth and innovations, the company is poised to transform the tyre sector, making it more organized, sustainable, and profitable for dealers across the country.
This funding round underscores the growing interest and confidence in TyrePlex’s vision, as the company prepares for its next phase of growth in India’s dynamic tyre market.
