Sustainability is the keyword in today’s fast-moving world. It is important that we recycle products which are not in use anymore and this even is the call for the tyre industry. REGRIP has the same principle. It collects discarded tyres and recycle it to make a positive environmental impact. With such a cleantech mission, the Indian startup has secured $2 million (INR 16.7 crore) in funding led by SiriusOne Capital abreast of partners Inflection Point Ventures and LetsVenture.
The fresh investment is a milestone for REGRIP and it shows strong support from investors like Rikant Pitti (co-founder of EaseMyTrip), Mahavir Pratap Sharma (Chairman of TIE Angels) and Aparna Thyagarajan (co-founder of Shobitam). It will be instrumental in fueling technological advancements as well as expanding its network.
REGRIP Founder Tushar Suhalka expressed excitement with the latest funding and said it will help them in boosting technological capabilities along with strengthening the collection network for old tyres across India.
Actor Suniel Shetty is a vocal supporter of REGRIP. He emphasized the significance of initiatives like these. He said that recycled tyres contribute to a greener ecosystem and simultaneously extend the lifespan of tyres.
The innovative approach of REGRIP involves using good quality rubber to refurbish tyres. It is possible through a shearing and retreading process. The refurbished tyres are environmentally friendly and cost-effective as well. The tyres benefit small and medium trucking companies the most.
Investors have lately come forward in supporting India’s cleantech sector. One of the recent investments in sustainability-focused ventures is Sprih, which secured $3 million for its AI-powered sustainability platform. Similarly, Bambrew raised INR 60 crore for eco-friendly packaging solutions. The future looks promising for such startups which are equipped with a mission of strengthening sustainability.
