Sunil Shetty-backed Regrip raises $2 Mn in new round

Bollywood actor Suniel Shetty and IT ministry-backed startup Regrip has raised $2 million about Rs 16.7 crore, in a funding round co-led by Qatar-based venture capital Sirious One, Inflection Point Ventures, and Let's Venture. 

The round also saw participation from a host of angel investors, including EaseMyTrip’s co-founder Rikant Pitti, TIE Angels chairman Mahavir Pratap Sharma and Shobitam’s co-founder Aparna Thyagarajan among others

Regrip has also provided exit to seed investor IIMA Ventures.

The proceeds will be used to fuel the expansion of this innovative technology deployment with tyre companies and further enhance Regrip's collection network for discarded tyres. It plans to ramp up its impact on the environment by revitalizing discarded tyres, reducing waste, and maximizing their lifespan.

Founded by Tushar Suhalka, Regrip is building a network of discarded tyre collection centres. 

The startup uses quality-grade rubber to make refurbished tyres through shearing and retreading processes.