Popular Bollywood actor Suniel Shetty has recently made an investment in Regrip, a startup based in Gurugram that focuses on recycling and re-engineering old/used tires. During an announcement event, Shetty expressed his excitement about joining Regrip and highlighted the importance of recycling and reducing waste to create a greener future.
Suniel Shetty has been actively investing in startups and has already invested in six ventures. Earlier this month, he invested in the DIY healthcare venture ‘The Biohacker.’ He has also invested in Klassroom Edutech, a blockchain-based NFT marketplace called Colexion, and Vieroots Wellness Solutions Pvt Ltd (VWS), a HealthTech company.
Mahavir Pratap Sharma, the first investor in Regrip, praised the startup’s focus on refurbished tires as a “win-win solution” for his investment. Regrip, founded in 2021 by Tushar Suhalka, specializes in producing re-engineered tires that offer high performance as an affordable alternative to new tires for dummy and drive axles in heavy commercial vehicles.
The startup aims to help fleet owners save money on tire consumption by providing them with reliable, sustainable, and cost-effective re-engineered tires. Regrip refurbishes old and used tires using a cold process retreading technique, transforming them into reusable tires that come with an unconditional warranty and are sold at half the cost of new tires.
The tire manufacturing process heavily relies on primary ingredients such as rubber, carbon black, and oil-based synthetic materials. However, due to the impact of COVID-19, India’s natural rubber (NR) production in 2020 decreased by 42,000 tonnes to 668,000 tonnes, as reported by the Association of Natural Rubber Producing Countries (ANRPC). Although NR production witnessed an 8.3% growth later on, consumption increased by 9% in the 2022-23 fiscal year compared to the previous year. Production reached 839,000 tonnes in 2022-23, up from 775,000 tonnes in 2021-22, while consumption rose from 1,238,000 tonnes in 2021-22 to 1,350,000 tonnes in 2022-23.
This disparity between rubber consumption and production is concerning, especially for industries reliant on NR as a primary ingredient. However, startups like Regrip can play a vital role, particularly in the tire industry. Regrip focuses on minimizing the use of natural rubber by recycling used and worn-out rubber, thereby bringing sustainability to tire consumption. By recycling and re-engineering tires, companies like Regrip contribute to reducing the demand for natural rubber and promote a more sustainable approach to tire manufacturing and usage.