08th May 2024 – Tyre startup REGRIP, known for its innovative approach to recycling tyres, has recently secured a significant funding boost of $2 million (INR 16.7 crore). This funding round, spearheaded by SiriusOne Capital alongside Inflection Point Ventures and LetsVenture, also saw the enthusiastic participation of various angel investors, including Rikant Pitti from EaseMyTrip, Mahavir Pratap Sharma from TIE Angels, and Aparna Thyagarajan from Shobitam.
Notably, this round of funding marked the exit of REGRIP’s early investor, IIMA Ventures. With this infusion of capital, REGRIP aims to further its technological advancements and expand its network for collecting discarded tyres across the nation. The startup’s mission is twofold: to revolutionize tyre recycling and to make a significant positive impact on the environment.
Founded by Tushar Suhalka, REGRIP utilizes high-quality rubber to refurbish tyres through a meticulous process of shearing and retreading. These rejuvenated tyres, available at half the price of new ones, cater to the needs of small and medium trucking companies.
Expressing his enthusiasm, Suhalka emphasized the investment’s role in enhancing their technological capabilities and strengthening their tyre collection network. The overarching goal, he stated, is not only to transform the tyre recycling industry but also to contribute significantly to environmental conservation.
Renowned actor Suniel Shetty, a supporter of REGRIP, echoed these sentiments, highlighting the initiative’s potential to create a greener ecosystem and prolong the lifespan of tyres.
The funding secured by REGRIP reflects the growing interest of investors in India’s cleantech sector. This trend underscores the importance of sustainable solutions in today’s business landscape.
conclusion
REGRIP’s successful funding round underscores the rising momentum of cleantech startups in India, driven by a shared commitment to innovation and environmental sustainability.
Source:Link
