Suniel Shetty-backed Regrip Secures $2 Million Funding for Tire Recycling Venture

Key Points

1. Funding Success: Regrip, a startup supported by Bollywood actor Suniel Shetty and the IT ministry, has secured a significant investment of $2 million in its latest funding round. This funding round was co-led by Sirious One, Inflection Point Ventures, and Let’s Venture, showcasing confidence from prominent venture capital firms.
2. Angel Investor Support: The funding round also attracted participation from notable angel investors, including Rikant Pitti, Mahavir Pratap Sharma, and Aparna Thyagarajan, among others, highlighting broad support from industry veterans and experts.
3. Environmental Impact: Regrip’s primary objective is to enhance its innovative technology deployment within the tyre industry to bolster its collection network for discarded tyres. The startup aims to revitalize discarded tyres, reduce waste, and maximize their lifespan, thereby making a positive impact on environmental sustainability.

In a significant development in the realm of sustainable technology, Bollywood actor Suniel Shetty’s venture, Regrip, has successfully raised $2 million (approximately Rs 16.7 crore) in a recent funding round. This funding round was co-led by Qatar-based venture capital firm Sirious One, Inflection Point Ventures, and Let’s Venture, marking a notable milestone for the IT ministry-backed startup.

The fundraising endeavor also witnessed enthusiastic participation from a cadre of angel investors, including Rikant Pitti, co-founder of EaseMyTrip, Mahavir Pratap Sharma, chairman of TIE Angels, and Aparna Thyagarajan, co-founder of Shobitam, among others. Additionally, Regrip has provided an exit to its seed investor, IIMA Ventures.

The infusion of capital is earmarked to propel the expansion of Regrip’s innovative technology deployment within the domain of tyre management. Specifically, the funds will be directed towards bolstering Regrip’s collection network for discarded tyres and facilitating collaborations with leading tyre companies. The overarching aim is to augment the startup’s impact on the environment by revitalizing discarded tyres, thereby curbing waste and optimizing their lifespan.

Regrip, founded by Tushar Suhalka, operates on the premise of establishing a robust network of discarded tyre collection centers. Leveraging cutting-edge processes, the startup transforms quality-grade rubber into refurbished tyres through shearing and retreading techniques.

The significance of this funding round extends beyond mere monetary value, underscoring the growing importance of sustainable initiatives within the startup ecosystem. Regrip’s endeavors align with broader global efforts towards environmental conservation and resource optimization, making it a beacon of innovation in the field of sustainable technology.

As Tushar Suhalka, the founder of Regrip, aptly puts it, “Our vision is to revolutionize the tyre management landscape by offering sustainable solutions that benefit both the industry and the environment.”

With the backing of prominent investors and a steadfast commitment to sustainability, Regrip is poised to chart new frontiers in the realm of tyre management, paving the way for a greener and more sustainable future.