Gurugram-basd TyrePlex, a B2B tyre marketplace, has raised Rs 20 crore funding, the company said in a statement today, January 15. The round was led by PeerCapital, with participation from Titan Capital Winners Fund, Sattva Family Office, and existing investors, including 100 Unicorns. 

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TyrePlex plans to utilise the fresh funds to expand its geographic footprint into the top 25 cities across India, leveraging a combination of qualitative and quantitative data points for city selection.

Commenting on the investment, 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."

Founded in 2020, TyrePlex aims to revolutionise 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. 

"Tyre dealers who work with us generate higher demand, boost profitability and optimise 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," said Puneet Bhaskar, co-founder & CEO, TyrePlex.

Tyreplex.com claims to have over 20,000 tyre dealers registered on its platform. By using TyrePlex app, tyre dealers improve their sales and margins with hassle free procurement of tyres, inventory management, customer management, setting-up of online stores and generating demand.