Tyre Express Raises Additional Funding Via the IvyCamp Platform
Tyre Express had raised its first seed round in January. It is working on IoT-based solution for vehicle diagnostics and has developed a platform to track and monitor performance of tyres in real-time for fleet operators.
Enterprise IoT solutions start-up Tyre Express has raised an additional undisclosed amount in seed round from Mr. Rohitash Gupta, who is CFO of a BSE 500 KPO. Mr. Rohitash is an alumnus of IIT Bombay and IIT Kanpur. This follows up from the funding Tyre Express raised via IvyCamp 8 weeks ago.
Tyre Express is co-founded by an alumni team from SP Jain and Saïd Business School (University of Oxford). Tyre Express is also part of NASSCOM 10000 Startups and is supported by Microsoft’s BizSpark program.
Tyre Express is working on IoT-based solution for vehicle diagnostics and has developed a platform to track and monitor performance of tyres in real-time for fleet operators. The platform enables a fleet operator to enhance tyre life, improve fuel efficiency, reduce incidence of accidents and improve the overall operational efficiency for the fleet.
Tyre Express targets to work with Fleet operators who seek to actively leverage technology to improve operational efficiency. Tyre Express has received interests to implement their solution for Tyre and Vehicle OEMs and Organized Fleet operators. At the same time, Tyre Express has also received interests from clients in Middle East and Americas.
“I was introduced to Tyre Express via IvyCamp, which is a unique Alumni based platform for upcoming startups in India to connect with relevant industry experts. I liked the energy, chemistry and flexibility that the 3 promoters brought to the venture. The very application of IoT to real life problems, especially in India, is exciting and I wish Tyre Express team grand success in their venture,” Said Mr. Rohitash Gupta.
“Rohitash has a strong experience in scaling up businesses in tech domain. We look forward to working with Rohitash and leveraging his experience as we look to scale our venture. Given that we have raised a second round in a matter of 8 weeks is also a testament to the great value addition that IvyCamp brings to young startups like us”, said Mr. Brijesh Shukla ,Cofounder Tyre Express.
Tyre Express had previously its seed round raised via IvyCamp platform, from an investor who is an IIT-Delhi and Wharton Alumni, and based in New York.
Commenting on the announcement, Anju Gupta, Co-founder and President at IvyCamp, said, "The testament of success for IvyCamp is that, it is able to consistently,month-on-month, engage with start-ups from a variety of industries and connect them to our Global Alumni network. The Alumni connect also facilitates follow up funding for our start-ups as evidenced for Tyre Express. The recent investments on the Platform in IoT, VR, AR, Analytics sectors validates our belief that there is opportunity and market for these products in India. There is clear indication that future is increasingly becoming tech-driven and the IvyCamp Alumni network will help in sourcing, mentoring, evaluating, and investing in the early stage start-ups by leveraging our extensive connects not just in India but also globally."