TyrePlex, India’s largest B2B tyre marketplace, has raised ₹20 crore in funding led by PeerCapital, with participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100 Unicorns. This funding will be strategically deployed to accelerate growth in multiple areas. TyrePlex plans to expand its geographic footprint into the top 25 cities across India, leveraging a combination of qualitative and quantitative data points for city selection.
By focusing on establishing a strong distribution base, TyrePlex is positioned to unlock additional services for both tyre brands and dealers. These include tailored solutions for customer relationship management, inventory optimization, and advanced analytics to drive informed decision-making.
A significant portion of the funds will be allocated to strengthening the company’s 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.
Founded in 2020 by auto-tech industry veterans, TyrePlex aims to revolutionize the highly fragmented tyre retail ecosystem in India by offering a comprehensive, technology-driven platform that empowers tyre dealers to enhance their efficiency and profitability. With over 20,000 registered tyre dealers, the platform provides tools to improve sales and margins, streamline procurement, manage inventory, and set up online stores. The company’s app offers an integrated solution that simplifies operations, generates demand, and enables easy procurement of tyres with delivery within 3-4 hours.
The company’s dealer-centric approach has resulted in a high Net Promoter Score (NPS) and impressive repeat business metrics, reflecting the platform’s ability to address dealer pain points effectively. With seamless operations, reliable product availability, and competitive pricing, the platform has garnered strong loyalty among its users, fostering trust and long-term partnerships.
Puneet Bhaskar, Co-Founder, 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 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”.
Shiv Kapoor, Vice President at Titan Capital Winners Fund, said, “The tyre retail market is both massive and fragmented. Tyreplex is well positioned to be the glue that binds tyre manufacturers, stores and customers together. We’re excited to re-invest in this team again.”
The tyre market in India, valued at ~USD 13 billion in 2024, is projected to grow to ~USD 30 billion by 2032. Despite this growth, the sector remains dominated by unorganized and unbranded outlets, with ~90% of tyre dealers operating as multi-brand stores. TyrePlex’s asset-light, fully managed B2B e-commerce platform is uniquely positioned to bridge this gap by offering dealers a reliable solution for high product availability, competitive pricing, and seamless operations. The company has already achieved a remarkable 13x revenue growth since 2022 and currently operates only in Delhi NCR and Bangalore.
Headquartered in Gurugram, TyrePlex is redefining the tyre retail ecosystem by combining technology and market insights to meet the evolving needs of dealers and customers alike. The company's vision extends beyond tyres, with plans to expand into associated categories and address critical industry challenges through sustainable practices.
Source : Press Release
