B2B tyre marketplace TyrePlex has secured Rs. 20 crore (around $2.4 million) in a funding round led by PeerCapital, with additional backing from Titan Capital Winners Fund, Sattva Family Office, and existing investors like 100 Unicorns. The fresh capital will fuel the company’s expansion and sustainability initiatives.

TyrePlex aims to broaden its presence in the top 25 cities across India, leveraging both qualitative and quantitative data to guide its city selection strategy.

In addition to geographic expansion, the company will launch tyre recycling and reverse logistics pilots to tackle sustainability challenges in the tyre industry.

TyrePlex is also building a streamlined, high-impact team to drive its growth plans.

Founded in 2020 by Puneet Bhaskar, TyrePlex offers a comprehensive B2B platform that enhances customer relationship management, inventory optimization, and advanced analytics to help tyre businesses make data-driven decisions.

The platform boasts over 20,000 registered tyre dealers, providing tools to boost sales, improve margins, manage procurement, and establish online stores. Its mobile app integrates operations, demand generation, and procurement, enabling tyre deliveries within 3-4 hours.

India’s tyre market, estimated at $13 billion in 2024, is expected to reach $30 billion by 2032. Despite its growth potential, the sector remains largely fragmented, with about 90% of tyre dealers running unbranded, multi-brand outlets.

TyrePlex has already achieved a remarkable 13x revenue growth since 2022 and currently operates only in Delhi NCR and Bengaluru. The company’s innovative solutions aim to further organize and modernize this traditional industry.