India’s TyrePlex clinches seed funding

The funding will be used to scale its tech and product teams.

India’s online tyre market, TyrePlex, has raised an undisclosed amount for its seed round, led by mobility focussed fund AdvantEdge Founders along with other leading Angel Investors, according to a press release.

The current seed round also saw participation from leading Angles including Akhil Sikri, Amit Lakhotia, Asish Mohapatra, Ruchi Kalra and Sandeep Aggarwal.

The company will use the funding to scale its tech and product teams and build products in order to help tyre dealers predict demand, automate re-ordering, and other customer management tools, said TyrePlex Founder and CEO Puneet Bhaskar.

Founded in 2020, TyrePlex has onboarded over 1,700 independent multi-brand tyre dealers across over 600 cities in India. It allows tyre dealers to set up their online stores, transact online, generate demand, procure tyres, optimize inventory, and manage their physical stores.

Its website has generated over 1.5 million quarterly visits, which the company noted to be the highest for any tyre specific website. Its gross merchandise value and number of orders on the TyrePlex platform have also grown by over 400% in the last year.