[Funding alert] B2B ecommerce startup TyrePlex raises undisclosed amount in seed round led by AdvantEdge Founders
TyrePlex, a B2B ecommerce startup in the aftermarket tyre vertical, has announced that it has raised its seed round led by mobility focussed fund AdvantEdge Founders.
The round also saw participation from leading angels including Akhil Sikri (Co-founder Zolostays), Amit Lakhotia (Founder Park+), Asish Mohapatra, Ruchi Kalra (Co-founders Ofbusiness), and Sandeep Aggarwal (Founder Droom.in, Shopclues).
Founded in 2020 by Puneet Bhaskar and Rupendra Pratap Singh, formerly with Droom and Snapdeal, along with Nikhil Kalra and Jiveshwar Sharma from Car Dekho, TyrePlex is building a full-stack proprietary technology solution to empower over 100,000 independent multi-brand tyre dealers across India.
Puneet Bhaskar, Founder and CEO, TyrePlex said,
“Tyre retailing in India is highly fragmented and unorganised. Tyre dealers don't have dedicated tools and technologies to help manage their dealerships. Tyreplex is digitising 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 optimise their inventory."
"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.”
According to the startup, TyrePlex has onboarded over 1,700 dealers across 600+ cities and is rapidly growing at 30 percent month-on-month.
Despite the COVID-19 pandemic, the Gross Merchandise Value (GMV) and the number of orders on the TyrePlex platform have grown by over 400 percent in the last year, it stated.
Commenting on the investment, Kunal Khattar, Managing Partner of AdvantEdge, said, “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.”
Edited by Megha Reddy