Enterprise IoT solutions startup Tyre Express Pvt Ltd has raised an additional amount in seed funding from an angel investor, a top company executive told VCCircle.
Rohitash Gupta, the CFO of a BSE-listed knowledge process outsourcing company, has invested an undisclosed amount in the Mumbai-based Tyre Express.
“Rohitash has strong experience in scaling up businesses in the tech domain. We look forward to working with him and leveraging his experience as we look to scale our venture,” said Brijesh Shukla, one of the co-founders of Tyre Express.
Gupta was equally excited about the partnership and the company’s prospects. “The very application of IoT to real-life problems, especially in India, is exciting and I wish the Tyre Express team grand success in their venture,” he said.
Tyre Express was founded in November 2015 by Dinesh Wakale, an alumnus of SP Jain Institute of Management and Research, and Shukla a Saïd Business School, University of Oxford, graduate. The company is also supported by Microsoft BizSpark, a programme that support software entrepreneurs.
In January, Tyre Express had raised an undisclosed amount from a New York-based high net-worth individual. The fundraise was facilitated by IvyCamp, an innovation and entrepreneurship platform by IvyCap Ventures, which connects entrepreneurs with mentors, investors and incubation centres through the global alumni networks of institutes such as IITs, IIMs, ISB and BITS Pilani.
The company is working on IoT-based solutions for vehicle diagnostics. It has developed a platform to track and monitor the 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. The company is also collaborating with tyre manufacturers to improve its service offerings to institutional clients.
During the same time, another IoT and SaaS-based solutions provider for commercial transportation, TempoGO, had also raised Rs 5.6 crore led by Hong Kong-based K2 Investments.
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