Reengineered Tyre Startup REGRIP Secures $2M in Funding Led by SiriusOne Capital

• ByStartupStory     |    May 8, 2024

Reengineered tyre startup REGRIP has successfully raised $2 million (INR 16.7 crore) in a funding round co-led by SiriusOne Capital, Inflection Point Ventures, and LetsVenture.

The funding round witnessed enthusiastic participation from prominent angel investors, including Rikant Pitti, co-founder of EaseMyTrip, Mahavir Pratap Sharma, Chairman of TIE Angels, and Aparna Thyagarajan, co-founder of Shobitam, among others.

Notably, this funding also marks the exit of early investor IIMA Ventures from REGRIP.

This capital injection will propel REGRIP’s technological advancements and facilitate the expansion of its collection network for discarded tyres across the country. The startup’s mission is not only to revolutionize the tyre recycling industry but also to make a tangible impact on the environment.

Founder Tushar Suhalka expressed his enthusiasm, stating, “This investment will enable us to expand our technological capabilities and bolster our efforts in building a robust collection network for discarded tyres across the nation. Our goal is not just to revolutionise the tyre recycling industry but also to make a significant impact on the environment.”

Actor Suniel Shetty, a supporter of REGRIP, emphasized the importance of such initiatives, saying, “The idea of recycled tyres will not only ensure a greener ecosystem but also enhance the lifecycle of tyres.”

REGRIP utilizes quality-grade rubber to manufacture refurbished tyres through a shearing and retreading process. These tyres cost half the price of new products and cater to small and medium trucking companies.

India’s cleantech sector has been attracting substantial investor interest recently. Earlier this year, Sprih secured $3 million in funding for its AI-powered sustainability platform aimed at assisting companies in achieving their environmental goals. Similarly, Bambrew secured INR 60 crore to offer eco-friendly packaging solutions as alternatives to single-use plastics.

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