PNN
New Delhi [India], May 21: Regrip, India's pioneering re-engineered tyre startup, celebrates a significant milestone with the successful closure of its pre-Series A funding round, raising a substantial USD 2 million. The series saw participation of Qatar-based venture capital Sirious One, Inflection Point Ventures, and Let's Venture, alongside prominent angel investors such as EaseMyTrip Co-Founder Rikant Pitti, Shobitam Co-Founder Aparna Thyagarajan, and TIE Angels Chairman Mahavir Pratap Sharma. This round not only underscores confidence in Regrip's mission but also marks a successful exit for its initial investors.
Founded solely by Tushar Suhalka and backed by celebrity investor Suniel Shetty, Regrip is poised to revolutionise the tyre recycling industry. Born and raised in Udaipur in Rajasthan, Tushar came to know about the horrific rubber pollution that tonnes of tyres create in India. While plastic pollution is well-known, this is a crisis not everybody talks about.And this was the turning point in his life when he decided to save the planet through sustainable tyre recycling.
Started in 2021 at a small workshop in Haryana, Regrip retreads tyres through advanced technology that makes the tyre as good as new one with 80 per cent of new tyre life at half the price of a new tyre. Three years later, Regrip now has more than 13 owned facilities across India and caters to more than 1000 fleet owners who not only saves money but also the planet.
In addition to building India's largest network of discarded tyre collection centres, Regrip introduces groundbreaking technology, including the world's first solution to predict the life and price of old tyres, akin to "cashify for old tyres."
The raised funds will fuel the expansion of this innovative technology deployment with tyre companies and further enhance Regrip's collection network for discarded tyres. With this infusion of capital, Regrip aims to accelerate its impact on the environment by revitalising discarded tyres, reducing waste, and maximising their lifespan.
Tushar Suhalka, Solo-Founder of Regrip India, expresses his excitement about the funding, stating, "This investment will enable us to expand our technological capabilities and bolster our efforts in building a robust collection network for discarded tyres across the nation. Our goal is not just to revolutionize the tyre recycling industry but also to make a significant impact on the environment."
Regrip's commitment to innovation and sustainability resonates with its investors, who foresee substantial positive change in the industry. With the support of visionary investors, Regrip is poised to continue leading the charge towards a greener and more sustainable future.
"I am super excited about my association with Regrip. We're not just redefining the concept of re-cycled, safe, economical high-quality tyres, but also contributing to a greener future by reducing waste and maximizing the lifecycle of each tyre. By embracing innovation and sustainable practices, we can create a better world for generations to come," said Suniel Shetty.
Regrip is India's pioneering re-engineered tyre startup, dedicated to revolutionizing the tyre recycling industry and minimizing environmental impact. With innovative technology and a commitment to sustainability, Regrip aims to maximize the lifespan of discarded tyres while reducing waste.
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