TyrePlex, a B2B tyre marketplace, has raised ₹20 crore in a funding round led by PeerCapital, with participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100 Unicorns.
The funds will be used to expand its geographic footprint into the top 25 cities across India, leveraging a combination of qualitative and quantitative data points for city selection.
Funds will be also allocated to strengthen its technology platform to further enhance dealer-centric tools and improve operational efficiencies. Additionally, TyrePlex will pilot tyre recycling and reverse logistics initiatives, addressing key sustainability challenges in the industry. The company is also focusing on creating a lean yet highly effective team to support its city expansion plans.
Puneet Bhaskar, Co-Founder and CEO, TyrePlex, said, “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. 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.”
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. The founders’ deep automotive expertise and first-principles thinking make them uniquely qualified to solve this challenge. PeerCapital is extremely proud to take on this journey together.”
Founded in 2020 by Puneet Bhaskar, TyrePlex offers a comprehensive, technology-driven platform that empowers tyre dealers to enhance their efficiency and profitability.
Headquartered in Gurugram, TyrePlex combines technology and market insights to meet the evolving needs of dealers and customers alike. It claims to have more than 20,000 registered dealers on its platform which helps them to increase their profitability, provide hassle-free procurement and also help them to set up online stores to generate demand. It also has offline partnered stores to serve its customers.
TyrePlex claims to have already achieved a 13x revenue growth since 2022 and currently operates only in Delhi NCR and Bengaluru.
