Used car leasing platform based in Gurugram has raised Rs 2.2 crore seed funding from the Early Adapters Syndicate of Pallavi Pandey led LetsVenture Syndicate and other angel investors, including Ritesh Malik, Founder & CEO at Innov8, Shobhit Shukla, Co-Founder at Near.co, and Rahul Agarwal, CFO at Near.co.
PumPumPum (1) offers used car leasing services in the corporate and retail segments. The startup plans to utilize the freshly raised capital for expanding business via category disruption, technology development, and brand building.
PumPumPum’s services are currently exclusive to Delhi NCR, but it plans to expand to newer markets, including Bengaluru, Pune, and Mumbai, stated Sameer Kalra, Co-Founder & Chief Growth Officer at PumPumPum.
Monthly subscriptions from Rs 10,000
PumPumPum is a Gurugram-based platform founded by Tarun Lawadia and Sameer Kalra in 2018 and aimed to provide IoT-enabled pre-owned cars for long and short-term subscriptions to both corporate and retail clients.
The startup also handles repair, maintenance, resale & insurance for its clients. Some of its supply-side partners include companies like OLX and Cars24.
Significant investor interest has been shown due to the broader pre-owned car and mobility segment.
Tarun Lawadia, Founder & CEO at PumPumPum, said, “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.”
Sunitha KR, Director at LetsVenture, said that PumPumPum is one of the strongest and most promising startups backed by in-depth consumer insights and a passionate team in the used care leasing space and they look forward to taking them to their next stage of growth.
The platform’s subscription model claims to provide 100% tax saving to corporate subscribers, with 78% of its pre-owned car buyers from the corporate world, resulting in a 40% cheaper monthly subscription fee effectively.