TyrePlex raises an undisclosed amount in a seed round led by AdvantEdge Founders
At a Glance
In a seed round led by AdvantEdge Founders, TyrePlex, an aftermarket tyre B2B eCommerce firm, earned an undisclosed sum. TyrePlex has over 1,700 dealers onboarded over 600+ locations and is quickly expanding at a rate of 30% month over month. Nikhil Kalra and Jiveshwar Sharma, previously of Car Dekho, and Puneet Bhaskar and Rupendra Pratap Singh, formerly of Droom and Snapdeal, established TyrePlex in 2020.
Other participants include Akhil Sikri, Co-founder of Zolostays; Amit Lakhotia, founder of Park+; Asish Mohapatra and Ruchi Kalra, co-founders of Ofbusiness; and Sandeep Aggarwal, founder of Droom.in and Shopclues.
TyrePlex was founded in 2020 by Puneet Bhaskar and Rupendra Pratap Singh, formerly of Droom and Snapdeal, and Nikhil Kalra and Jiveshwar Sharma, formerly of Car Dekho, to empower over 100,000 independent multi-brand tyre dealers across India.
“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.”Mr. Bhaskar, founder, and CEO, TyrePlex
He added, “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.”
TyrePlex has on-boarded over 1,700 dealers across 600+ locations, according to the firm, and is quickly increasing at a rate of 30% month over month. According to the company, despite the COVID-19 epidemic, the TyrePlex platform’s Gross Merchandise Value (GMV) and quantity of orders have increased by over 400 percent in the previous year.
“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.”Kunal Khattar, the managing partner of AdvantEdge