PumPumPum Raises $2 Million In Equity Round
The funds will be utilized to accelerate the company's plans and its vision to become India's largest mobility leasing company
PumPumPum on Thursday announced to have raised $2 million equity from LC Nueva Investment Partners, Founder's room capital, Lets Venture, Manish Agarwal and Uday Sodhi. The funds will be utilized to accelerate the company's plans and its vision to become India's largest mobility leasing company.
"PumPumPum is a futuristic used car leasing solution. Our business model ensures that we extend a hassle free experience and give customers the same feeling of owning a car without the added worry of vehicle maintenance and financing. This helped us record a 1000% growth in FY 2021-22, thus becoming EBIDTA positive," said Sameer Kalra, co-founder and CGO, and Tarun Lawadia, founder and CEO, PumPumPum in a joint statement.
"The idea of mobility and transportation has drastically changed in the last two years. We firmly believe that leasing of car by companies will see an unprecedented demand as more employees look for personal commute in the post-Covid era. This is where companies like PumPumPum will help in addressing this demand via its innovative business model," said Uday Sodhi, co-founder, Founders Room Capital.
PumPumPum is a mobility-focused leasing company with a unique understanding of the used car subscription or leasing model. The company provides hassle-free mobility solutions to its corporate and retail customers where they take care of end-to-end service, maintenance, insurance, and any other vehicle-related issues under a single lease rental/ subscription. PumPumPum is the first company in India to venture in the segment of subscription/leasing of used cars. Owing to the company's unique business model, customer-first approach and value-added services like insurance and servicing, PumPumPum recorded 1000 per cent growth in the auto segment in FY 2021-22. Though the company is currently only present in Delhi-NCR and Bengaluru but it manages and services its fleet in over 55 cities.