PumPumPum, a startup that offers ‘Used Car Leasing’ in corporate and retail segment, has secured Rs 5.5 crore Pre-Series A funding led by Inflection Point Ventures.
Other investors Lets Venture & Agility Ventures also participated in the funding round, the startup said in a release.
PumPumPum plans to utilise the capital for category disruption, consumer awareness, technology development, brand building and expansion.
The startup provides IoT enabled pre-owned cars at an affordable and flexible subscription for short to long-term durations without any hassles of service and maintenance.
PumPumPum takes care of all the Used Car Owner’s risks such as repair, maintenance, tyres, batteries, car resale value, insurance etc. for a safe and comfortable travel with a hassle-free ownership.
While the average ownership of firsthand used cars in India is approximately 24-30 months, this is dramatically decreasing at present.
PumPumPum was conceptualised by Tarun Lawadia and Sameer Kalra. Tarun Lawadia, Founder of PumPumPum, is an innovator and a serial entrepreneur with few successful startups such as Pluss App (sold to Netmeds) in his portfolio.
Sameer Kalra, Co-Founder & Chief Growth Officer of PumPumPum, is a veteran in Automobile Leasing with over 20 years of experience.
IPV Founder and CEO Vinay Bansal said, “In the 90s, owning a car was considered a big deal, but with growing disposable income of millennials, buying a car is now just a matter of convenience and changing them every 3 years seems to be the norm.”
“The new age workforce mantra is to lease assets like house, consumer durables and even cars so that it keeps them detached and mobile when changing jobs or home base. This is the new customer segment that PumPumPum is aiming to capture,” he added.
PumPumPum Founder and CEO Tarun Lawadia said, “Car leasing and subscription have a great future ahead. To take this niche category to newer heights, we are consistently expanding our reach along with tech disruption and high decibel consumer awareness,”
PumPumPum has established a robust network of associates and partners. The startup has strategic tie-ups with financial Partners such as ICICI Bank, IDFC Bank, Canara Bank & Kogta Finance; strategic sourcing partners such as Cars24, OLX, Avis, SMAS, LeasePlan, VW Das Wels Auto, Renault Select and corporate tie-ups with Xceedance, Snapdeal, People Strong, Bira, Ashiana Group and Chaayos.
The startup plans to reach out to over 15 cities in the next 3 years as it is witnessing a huge demand for used car leasing from metros as well as non-metros markets.