TyrePlex raises pre Series A round
TyrePlex, B2B e-commerce player in the aftermarket tyre vertical, has raised Rs 12 crore in pre-Series A round co-led by 9Unicorns and AdvantEdge Founders. Notable angel investors: Kunal Bahl, Rohit Bansal, Venture Catalysts, Abhishek Goyal, Sandeep Aggarwal and Rajesh Sawhney also participated in this round.
The fresh capital will be used to bring 20% of all the country’s tyre dealers on its platform and expand its presence to the top 5 cities, TyrePlex said in a press release.
Founded in 2020, TyrePlex is B2B e-commerce platform which helps tyre dealers to procure all brands of tyres and get them delivered to their shops and establishments. It also provides a dealer management platform to create online stores and invoices along with inventory management for dealers.
TyrePlex claims to digitise more than 5,000 tyre dealers across India. It also claims 800% and 300% growth in gross merchandise platform (GMV) and revenue in FY22. According to the company, it targets a GMV run rate of Rs 300 crore by the end of the ongoing fiscal year (FY23) and to digitise over 100,000 dealers.
The company’s other backers include Akhil Sikri, Amit Lakhotia, Asish Mohapatra, Ruchi Kalra and Ankur Agarwal. Currently, the company has no direct competition in the B2B segment but it indirectly competes with TyreDekho and Tyresnmore among a few others.
TyrePlex.com seems to be an interesting startup with spurring new development on technology, information and internet platform. Congratulations on your startup. May this new business bring you huge success and fulfillment.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.