Indian Car Leasing company PumPumPum raises US$ 55M in Pre-Series A round

Gurugram, India-based startup PumPumPum, which offers used car leasing in the corporate and retail segment, raised US$ 55M (Rs 5.5 crores) in pre-Series A round on 9 April 2021.

Investors: The funding round was led by Inflection Point Ventures. Other participants included Lets Venture and Agility Ventures.

Purpose of the funding: PumPumPum will utilise the capital for category disruption, consumer awareness, technology development, brand building and expansion. 

About PumPumPum

Founded in 2018 by Tarun Lawadia and Sameer Kalra, PumPumPum aims to simplify car ownership and make it fairer and more affordable. It is changing the traditional approach of car ownership by providing IoT enabled pre-owned cars at affordable and flexible subscriptions for short to long-term duration without any hassles of services and maintenance. 

The company is looking forward to expanding to over 15 cities in the next three years as it is witnessing a huge demand for used car leasing. It currently operates in the Delhi/NCR region only.

Features of the service:

·       Warranty Coverage – All PPP cars come with zero depreciation insurance, regular maintenance coverage and a limited warranty.

·       Zero Down Payment – Save heavy one-time money commitments on your car purchase.

·       Insurance Coverage – Full insurance coverage.

·       Regular Maintenance – Regular wear and tear expenses are on the company.

What the CEO has to say: “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.” — Tarun Lawadia, CEO of PumPumPum

What the Investors have to say: “In the 90s, owning a car was considered a big deal, but with the growing disposable income of millennials, buying a car is now a matter of convenience and changing them every three years seems to be the norm. 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.” — Vinay Bansal, Founder and CEO, IPV. 

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