TyrePlex, a leading B2B tyre marketplace, has raised ₹20 crore (approximately $2.4 million) in its latest funding round.
The round was led by PeerCapital and saw participation from notable investors such as Titan Capital Winners Fund, Sattva Family Office, and existing backers, including 100 Unicorns.
The fresh capital will fuel TyrePlex’s ambitious growth plans. The company aims to extend its presence to the top 25 cities across India, leveraging data-driven strategies to identify high-potential markets. Alongside geographical expansion, TyrePlex is set to address sustainability challenges in the tyre industry through pilot initiatives in tyre recycling and reverse logistics.
Established in 2020 by Puneet Bhaskar, TyrePlex has rapidly become a trusted platform for over 20,000 registered tyre dealers. The company offers advanced tools for inventory optimization, customer relationship management, and data analytics to help dealers enhance profitability and streamline operations. Its user-friendly app enables seamless procurement, with tyre deliveries completed in as little as 3-4 hours, boosting efficiency for dealers.
To support its aggressive growth trajectory, TyrePlex is also focusing on building a lean yet high-performing team. This approach is expected to ensure scalability while maintaining operational efficiency.
The tyre market in India is poised for significant growth. Valued at approximately $13 billion in 2024, the market is projected to reach $30 billion by 2032, as per industry reports. Despite its potential, the sector continues to be dominated by unorganized and multi-brand outlets, with around 90% of dealers operating in this space. TyrePlex’s innovative solutions aim to bridge this gap by equipping dealers with the tools needed to thrive in a competitive landscape.
Currently operating in Delhi NCR and Bengaluru, TyrePlex has achieved remarkable growth, recording a 13x revenue increase since 2022. With its new funding, the company is poised to redefine the tyre distribution ecosystem in India while addressing critical industry challenges.