Funding Alert
TyrePlex bags Rs 12 crore in a pre-Series A round from 9Unicorns and AdvantEdge Founders
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ByStartupStory | August 31, 2022
TyrePlex, a B2B e-commerce operator in the aftermarket tyre sector, has raised Rs 12 crore from 9Unicorns and AdvantEdge Founders as part of its pre-Series A funding round. The firm intends to utilise the funding to bring 20% of all tyre dealers in the country onto its platform and to increase its presence in the top five cities
Venture Catalysts, Kunal Bahl and Rohit Bansal of Titan Capital, Abhishek Goyal, co-founder of Tracxn, Rajesh Sawhney, founder and CEO of the GSF accelerator, and Sandeep Aggarwal, founder and CEO of Droom, were among the additional angel investors who took part in this round.
Akhil Sikri, Amit Lakhotia, Asish Mohapatra, Ruchi Kalra, and Ankur Agarwal are some of the organization’s additional backers. The business now faces no direct rivals in the B2B market, although it does have some indirect rivals, such TyreDekho and Tyresnmore.
The business claims to have digitised over 5,000 tyre dealers in India and increased GMV and revenue by 800% and 300%, respectively, in FY22. According to the firm, by the end of the current fiscal year, it hopes to achieve a GMV run rate of Rs 300 crore and digitise over 100,000 dealers (FY23).
TyrePlex, based in New Delhi, was founded in 2020 by Puneet Bhaskar, Jiveshwar Sharma, Nikhil Kalra, and Rupendra Singh. It is a B2B e-commerce platform that allows tyre dealers to purchase tyres of various brands and have them delivered to their stores and premises. It also offers a dealer administration platform that enables dealers to construct invoicing, online storefronts, and inventory management systems.
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