Name: Tejal Shringarpure
Email: [email protected]
Designation: Digital Marketing Manager
Founder Name: Sumit Pal Singh
Founder Year: 2014
Every car or bike, after running for certain thousand kilometers, starts to wobble, has frequent punctures & generally starts showing signs of lowered performance. That’s when the vehicle owner realizes, it’s time to replace the tyres! But the thought of tyre replacement is accompanied with a lot of questions – Where to buy a genuine tyre? Which brand? Should I buy it from a dealer or a service center? What is the right price of the tyre? All these questions round up to form only one answer and that is, visiting a nearby garage. So what’s the issue in visiting a garage? Not just one, there are many issues!
• It’s time-consuming: Going to a garage consumes half a day. Hence, either one must take an off from work or spend the weekend getting tyre replaced
• Unpleasant customer experience: Visiting garage is not a pleasant experience because most of the times the vehicle owner has to fight for the best price and typically end up paying more than required
• Limited availability of brands: The range of products available is also limited, leaving the vehicle owner with no choice but to agree with the tyre dealer
To avoid this situation, car and bike owners have started exploring options to buy tyres online, like every other product in the market. Hence in the last few years, riding on significant growth momentum in the e-commerce market, large online retailers (Flipkart, Amazon, and Snapdeal) have ventured into online tyre retailing. This has definitely given a choice to the customers with respect to the wider availability of tyre brands and possibly transparency in pricing. However, buying tyres online is not as easy as it sounds because the online retailers only deliver tyres to the customer’s doorstep but don’t offer tyre fitment service. The tyre fitting process is quite cumbersome and requires a lot of hard work. Which is why, ultimately, the vehicle owner has no option but to carry heavy tyre(s) to the garage. Sometimes, garages are reluctant to fit tyres bought from other places. This results in either placing a return request or paying up a lot of money for installation.
Solution to the problem
The tyre replacement problem looks like a vicious circle. How to get out of this? Being a car owner himself, Sumitpal Singh, an experienced manufacturing and electronics professional, was pondering over this question for a while. He could see his friends and family members going through a lot of trouble every time they wanted to get their car or bike tyre replaced. Finally, he decided to take up the challenge to break this vicious circle. With an aim to find a resolution for the tyre replacement problem in India, Sumitpal Singh, in January 2014, set up TyresNmore Online Pvt Ltd in Delhi. “I had a clear objective of making the tyre replacement process as comfortable as possible for all vehicle owners. Keeping that in mind, I decided to create a platform where the users will get tyre fitment service at their doorstep with every tyre purchased online”, explains Sumitpal Singh, Managing Director of TyresNmore. For initial capital investment, he raised angel funding from some HNIs, including Karandeep Singh, ex- CFO Flipkart, Ashok Sethi, CIO Sapient and Rajinder Chaddha, prominent tyre dealer in West Delhi, and worked with them to set up the business and operating model. The presence of huge untapped opportunity in tyre replacement market (c. $2 bn) and a global trend moving towards the online sale of tyres (globally ~10% of tyres are sold online) further strengthened Sumitpal Singh’s resolve.
The main challenge was to develop a solution for doorstep fitment. Sumitpal Singh, with his experience in manufacturing, built a customized van equipped with the necessary machinery to carry out tyre fitment, wheel balancing, and alignment at the customer’s doorstep. In three months, a fully equipped van was ready to provide all the required services at doorstep. Following which, the online business went live in August 2014.
Since then, the doorstep fitment has become a unique value-proposition for TyresNmore. The company, till date retains its position as the only one to provide doorstep tyre fitment service across the country. TyresNmore has steadily expanded its footprint into four cities: Delhi NCR, Bangalore, Hyderabad, and Pune. The credit goes to the key management team at Tyresnmore which comprises of Harkamal Sethi (ex-Goldman Sachs, Manipal) and Lavish Talegaonkar (ex-Ceat, MDI Gurgaon), who have played important roles in the success of the company, alongside Sumitpal Singh.
How TyresNmore works
TyresNmore has a simple user friendly online process:
• The user selects the required tyre as per car model or tyre size and places an order on the company’s website i.e. TyresNmore.com
• In case, the user needs any assistance in selecting the right tyre, he/ she has the option to speak with TyresNmore’s tyre experts over call
• Once the order is placed, delivery and fitment service is scheduled via call taking into consideration customer’s convenience
Owing to the robust supply chain practices followed, TyresNmore takes pride in low turnaround time (TAT) of less than 24 hours as compared to big online retailers, such as Amazon and Flipkart, whose TAT is 5-7 days. This is another key USP of the business leading to higher customer satisfaction.
The journey till now
Since the launch in August 2014 in Delhi, TyresNmore has achieved various milestones. In 2016, Google recognized TyresNmore as one of the top 50 innovative startups in India and invited them to their Bootup Camp event. At the Bootup Camp, TyresNmore gained popularity among the invitees as the one and only e-commerce company to provide doorstep tyre fitment service in India.
In August 2017, TyresNmore received the first round of large-scale funding from CEAT, a leading tyre manufacturer in India. The alliance brought Kunjan Chikhlikar, Head of RPG Ventures, and Pali Tripathi, Head of Sales Development, CEAT, on the board of TyresNmore.
In 2018, TyresNmore also ventured into the bike tyre fitment space. Being high on innovation, the team decided to build the tyre fitment machine on a two-wheeler. Launched during the festival of Diwali in 2018, the two-wheeler business gained momentum quickly due to high demand.
Till date, TyresNmore has served 12,000+ customers at the doorstep with a daily run rate of 30-40 customers that yield an Average order value of Rs. ~10,000 for 4W tyres and Rs. 1,500 for 2W tyres. The startup has an on-field crew of 30 fitment experts across all four locations.
On the B2B side, the big success came with Ola cabs signing up as the first customer for tyre replacement of Ola-owned fleet. The B2B business has made further strides by signing up Drivezy as a customer and maintains a strong pipeline of potential customers. “The emergence of large tech-enabled fleet operators offers a unique opportunity in B2B space and TyresNmore, being the first-mover, is well poised to capitalize on this”, says Sumitpal Singh.
TyresNmore has been successful in addressing the exact pain point of the customer making it popular destination for buying tyres online in the cities it operates. It has gained recognition as a trusted and reliable brand with superior customer service.
TyresNmore plans to reach 10 major cities of the country by 2023 with its flagship doorstep tyre fitment service.
Additionally, as the name suggests, TyresNmore is looking forward to increase its offering beyond tyres. Having mastered the art of doorstep services, the company is planning to horizontally expand product offering into replacement batteries ($1 bn market opportunity) and auto components ($5 bn market opportunity) and establish its position as the one-stop solution for auto components.
“The last few years have been great learning experience. Now the time is right to use the knowledge capital gained to expand the product offering and evolve into a leading horizontal automotive aftermarket player”, concludes Sumitpal Singh.