Suniel Shetty-Backed Regrip Secures $2 Million to Revolutionize Tyre Recycling

Preeti Bali / 10:49 am / May 13, 2024

Regrip, a waste management startup backed by Bollywood actor Suniel Shetty and India’s Ministry of Electronics and Information Technology (MeitY), has successfully secured $2 million (approximately Rs. 16.7 crore) in a funding round.

A Consortium of Investors Backs Innovation

The funding round was co-led by Sirious One, a venture capital firm headquartered in Qatar, alongside Indian venture capital firms Inflection Point Ventures and Let’s Venture. The round also witnessed participation from prominent angel investors, including Rikant Pitti (co-founder of EaseMyTrip), Mahavir Pratap Sharma (chairman of TIE Angels), and Aparna Thyagarajan (co-founder of Shobitam). Notably, this funding round marks an exit for IIMA Ventures, Regrip’s seed investor.

Fueling Expansion and Environmental Impact

The funds raised will be strategically directed towards two key objectives. Firstly, Regrip aims to expand its deployment of innovative technologies in collaboration with tyre companies. Secondly, the company plans to significantly enhance its network for collecting discarded tyres. This two-pronged approach will enable Regrip to maximize its environmental impact by revitalizing used tyres, minimizing waste generation, and extending the lifespan of these resources.

Building a Robust Collection Network

Founded by Tushar Suhalka, Regrip is dedicated to establishing a comprehensive network of collection centers specifically for discarded tyres. These collected tyres will then be processed using advanced technology, transforming them into high-quality, refurbished tyres through shearing and retreading processes.

This innovative approach to waste management not only promotes environmental sustainability but also offers cost-effective solutions for consumers seeking reliable yet affordable tyres.

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