New Delhi: TyrePlex, India’s leading B2B eCommerce player in the aftermarket tyre vertical, raises its seed round led by India’s leading mobility focussed fund AdvantEdge Founders along with other leading Angel Investors. Founded in 2020, by Puneet Bhaskar and Rupendra Pratap Singh formerly with Droom and Snapdeal, along with Nikhil Kalra and Jiveshwar Sharma from Car Dekho, TyrePlex is digitising the USD 10 billion tyre market. The current seed round also saw participation from leading Angels including Akhil Sikri (Co-founder Zolostays), Amit Lakhotia (Founder Park+), Asish Mohapatra, Ruchi Kalra (Co-founders Ofbusiness) and Sandeep Aggarwal (Founder Droom. in, Shopclues)
TyrePlex is building a full-stack proprietary technology solution that empowers over 100,000 independent multi-brand tyre dealers across India. The best-in-class platform includes the Dealer Management System which allows tyre dealers to digitize their business including setting up their online stores, transact online, generate demand, procure tyres, optimize inventory, and manage their physical stores.
Puneet Bhaskar, Founder and CEO TyrePlex said, “Tyre retailing in India is highly fragmented and unorganized. Tyre dealers don’t have dedicated tools and technologies to help manage their dealerships. Tyreplex is digitizing the tyre dealers by providing them with a dedicated dealership management system (DMS), helping them with tools and technologies to generate demand from online channels, source efficiently and optimize their inventory. We are excited to partner with Kunal and the AdvantEdge team given their focus and expertise in the auto aftermarket. This round will help us scale our tech and product teams and build products to help tyre dealers predict demand, automate re-ordering and other customer management tools.”
Kunal Khattar, Managing Partner of AdvantEdge said “We see tremendous potential in the vertical eCommerce space which requires deep product understanding and sector focus. We found all that in the TyrePlex team and are looking at developing technology solutions for the over 100,000 tyre retailers to help them digitize their business and increase profitability across the entire B2B value chain.”
TyrePlex has onboarded over 1,700 dealers, across 600+ cities and is rapidly growing at 30% month-on-month. Tyreplex.com- India’s leading Tyre Portal generates over 1.5 million quarterly visits – the highest for any tyre specific website. Despite the COVID-19 pandemic, the Gross Merchandise Value (GMV) and the number of orders on the TyrePlex platform have grown by over 400% in the last year.