Used car leasing platform, PumPumPum has raised Rs 5.5 crore in pre-Series A round funding led by Inflection Point Ventures in participation with Lets Venture & Agility Ventures.
“It will utilize the capital for category disruption, consumer awareness, technology development, brand building, and expansion,” PumPumPum in its statement said.
Speaking on the investment in PumPumPum, Vinay Bansal, Founder & CEO, Inflection Point Ventures said, “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.”
Talking about the fundraise, Tarun Lawadia, Founder & CEO, PumPumPum 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 committed to offering a hassle-free smart car experience with zero down-payments, zero maintenance charges, and zero insurance premiums. Ranging from monthly subscriptions of Rs 10,000 to Rs 1 lakh, PumPumPum car subscriptions are dynamic based on the duration of the subscription. We are confident that the capital infusion will help us in category disruption and strengthen our product development, marketing, and expansion plans,” Lawadia added.
Commenting on the rising trend of Used Car leasing in the country, Sameer Kalra, Co-Founder & Chief Growth Officer says, “Realising the fact that leasing by nature can solve the entire ownership related issues, we are the only company in the Used Car Leasing space to provide a car with a white number plate ensuring a sense of pride and security for our customers. PumPumPum is committed to address and solve issues related to lack of trust in dealers, low penetration of financing in used car space, risk of repairs in a used car, non-transparent pricing (lack of standard price parameters), the low resale value of the third hand used car resulting in a high rate of depreciation.”