Suniel Shetty-backed Regrip Secures USD 2 Million Funding
Summary
Backed by Bollywood actor Suniel Shetty and incubated by MeitY, the Regrip recently infomred it has secured $2 million in . The investment round saw participation from a diverse group of investors, including IVY Growth, HEM Angels, SiriousOne, Inflection Point s, and Lets Venture, alongside notable angel investors such as EaseMyTrip Co-Founder Rikant Pitti and Shobitam Co-Founder Aparna Thyagarajan.The announcement also marks an exit for the seed investors. Founded by Tushar Suhalka and backed by Bollywood actor Suniel Shetty, Regrip is not only building Indias largest network of discarded tyre collection centers but is also introducing groundbreaking technology to the industry.Tushar Suhalka highlighted the companys vision: 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.Partnerships with the government and other stakeholders are instrumental in Regrips growth, particularly in addressing issues like Extended Producer Responsibility (EPR) in the . Regrips current turnover stands at $1.1 million, and the company is poised for rapid expansion.Earlier in May, it raised USD 2 million, about Rs 16.7 crore, in a funding round co-led by Qatar-based venture capital Sirious One, Inflection Point Ventures, and Lets Venture.