Used car leasing startup, PumPumPum on Friday said it has raised Rs 5.5 crore in a funding round led by Inflection Point Ventures. The other investors in the pre-series A funding round include Lets Venture and Agility Ventures. The company plans to utilise the capital for various activities, including consumer awareness, technology development, brand building and expansion, PumPumPum said in a statement.
PumPumPum Founder and CEO Tarun Lawadia said car leasing and subscription is fast catching pace in the country and has 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… We are confident that the capital infusion will help us in category disruption and strengthen our product development, marketing and expansion plans,” he added.
The company will offer a hassle-free smart car experience with zero down-payments, zero maintenance charges and zero insurance premiums, Lawadia said adding the monthly subscriptions ranges from Rs 10,000 to Rs 1 lakh. According to the company Co-Founder and Chief Growth Officer Sameer Kalra, PumPumPum plans to expand to over 15 cities in the next 3 years on the back of a huge demand for used car leasing from metros as well as non-metros.