TyrePlex, closes Pre-Series A led by 9Unicorns and AdvantEdge Founders

TyrePlex, India’s leading B2B eCommerce player in the aftermarket tyre vertical, has raised Rs.12 crores as part of its pre-series A round of funding. 

The round was led by 9Unicorns and AdvantEdge Founders. Other marquee investors that participated in the round included Kunal Bahl and Rohit Bansal of Titan Capital, Venture Catalysts, Abhishek Goyal (Co-founder Tracxn), Sandeep Aggarwal (Founder and CEO Droom) and Rajesh Sawhney (Founder and CEO - GSF accelerator). 

TyrePlex aims to digitize over 100,000 independent multi-brand tyre dealers across India. Today TyrePlex enables tyre dealers to procure tyres without the hassle of availability, delivery and payments, set up their online stores, generate walk-ins to their stores, manage inventory, create customer invoices and even manage their physical stores using the TyrePlex app/website.

Puneet Bhaskar, Co-Founder and CEO TyrePlex said, “Tyre retailing in India is highly unorganised and tyre dealers don’t have access to modern tools and technologies to run their stores. To date, we have helped digitize 5000 plus tyre dealers across India. We have witnessed 100% QoQ growth in the last few quarters, In FY 2022, our GMV grew by 800%, whereas our revenue grew by 4X. With 9Unicorns onboard, and AdvantEdge founders furthering their commitment, we intend to plough the current round of funding to onboard 20% of all of India’s tyre dealers and expand our B2B marketplace to the top 5 cities in India. We aim to attain a GMV run rate of 300 Cr by the end of FY 2023.” 

Commenting on the funding, Dr. Apoorva Ranjan Sharma, Managing Director and Founder of Venture Catalysts and 9Unicorns, said, “Tyre retailing is highly fragmented, but the segment has the opportunity to emerge as a global player. However, TyrePlex is among the first player that aims to revolutionise the Rs 60,000 crore tyre industry by organizing the sector on the back of new-age technologies. We are optimistic that TyrePlex will be able to plug the existing gaps and help the industry expand.” 

Kunal Khattar, Founding Partner at AdvantEdge added, “TyrePlex over the last two years has developed the required insights and expertise of the Indian market. Tyres are by far the biggest item for replacement in an automobile. Tyreplex is building nextgen technology solutions to cater to the requirements of tyre dealers. Tyreplex is now the leading B2B marketplace and has helped its dealers in reducing working capital requirements while increasing revenue, margins and customer satisfaction. We are excited to double down and work with Puneet and the Tyreplex team to continue expanding across India to consolidate the network of dealers.”

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