New Delhi: Regrip, a tyre-recycling startup backed by Suniel Shetty, Govt of Rajasthan, and the Union Ministry of Electronics and Information Technology(MeitY), has secured USD 2 million funding to innovate tyre recycling landscape in India. It has also announced the exit of the initial investors in favour of IIM Ahmedabad Ventures.
Led by 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, Bombay Chemical & Rubber Product’s Managing Partner Vishal Jhunjhunwala, and TIE Angels Chairman Mahavir Pratap Sharma, this round underscores confidence in Regrip’s mission and marks the successful exit for its initial investors.
Founded by Tushar Suhalka and backed by celebrity investor Suniel Shetty, Regrip is poised to revolutionize the tyre recycling industry. In addition to building India’s largest network of discarded tyre collection centers, 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”, a media release said.
The raised fund 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 revitalizing discarded tyres, reducing waste, and maximizing their lifespan, the release said.
Tushar Suhalka said, “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.”
“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,” the Bollywood actor and investor Suniel Shetty, said.
