Tyre Express also enables fleet operators to enhance tyre life, improve fuel efficiency, reduce incidence of accidents, and improve the overall operational efficiency for the fleet
The funding comes almost two months after the Mumbai-based startup secured investment via IvyCamp, a technology platform that leverages Global Alumni Network to help entrepreneurs raise money.
Tyre Express was co-founded by Vinit Palkar, Brijesh Shukla, and Dinesh Wakale. The startup is working on an 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 also enables fleet operators to enhance tyre life, improve fuel efficiency, reduce incidence of accidents, and improve the overall operational efficiency for the fleet.
As per a statement, Tyre Express has received interests to implement solutions from fleet operators and OEMs in the Middle East and Americas.
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 engage with startups from a variety of industries and connect them to our Global Alumni Network. The alumni connect also facilitates follow up funding for our startups as evidenced for Tyre Express.”
IvyCamp, an initiative of IvyCamp Ventures, is a platform that leverages the Global Alumni Network to help entrepreneurs raise funding. It partners with various educational institutions to connect, support and grow their entrepreneurial ecosystems. The platform is currently in the midst of raising its second fund of INR 600 crore (under US$92 million).
IvyCamp has facilitated investments in early-stage startups like FT cash, Grabonrent, Idea Bubbles, Mr. Hot Foods and has connected various startups to industry mentors.
Image Credit: Tyre Express
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