Startup PumPumPum gets Rs 5.5 cr to expand used car leasing business
PumPumPum, a startup that gives used cars on lease,
has secured Rs 5.5 crore in a funding round led by Inflection Point Ventures.
Lets Venture & Agility Ventures were other investors in the round.
The company will use the money for consumer awareness, technology
development, brand building and expansion. “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 committed to
offer a hassle-free smart car experience with zero down-payments, zero
maintenance charges and zero insurance premiums,” said Tarun Lawadia, founder
and chief executive officer of PumPumPum.
The company’s monthly subscription ranges between Rs 10,000 to Rs
1 lakh “We are confident that the capital infusion will help us in category
disruption and strengthen our product development, marketing and expansion
plans,” said Lawadia.
Average ownership of firsthand used cars in India is
approximately 24-30 months. Leasing a car for a year is affordable and
hassle-free, said the company, which was conceptualized by Lawadia and Sameer
Kalra.
“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 and we believe its potential will explore in the coming 5
years,” said Vinay Bansal, Founder & CEO, IPV.
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