PumPumPum, India’s first used car leasing company, has raised $2 Million equity from LC Nueva Investment Partners, Founder’s room capital, Lets Venture, Manish Agarwal, Founder and CEO, Nazara Group, and Uday Sodhi, Ex Business Head Sony Liv. The raised amount will accelerate the company’s plans and its vision to become India’s largest mobility leasing company.
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 a never heard of 1000% 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.
Commenting on the announcement, Sameer Kalra, Co-Founder - CGO and Tarun Lawadia, Founder - CEO, PumPumPum shared, “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. We are delighted to share that we have secured $2 Million in equity that will help us accelerate and contribute to the next leg of our growth.“
Sohil Chand, Founding Partner, and CIO, LC Nueva Investment Partners, shared, “In the last few years we have seen PumPumPum grow exponentially. With its proven track and tech-driven innovative used car leasing/ subscription model, we strongly believe that Tarun and Sameer are building an ecosystem that is promising convenience while also giving an opportunity to their customers to drive and upgrade vehicles with zero hassles. We are happy to be partnering and investing in PumPumPum, we truly believe that the used car segment of the country has immense untapped potential and with the right leadership and a well-thought-out model, it will be easy to drive home success.”
Uday Sodhi, Co-founder, Founders Room Capital shared, “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. We are excited to share that we have invested in the company as a testament to our faith in PumPumPum’s business model."
PumPumPum is a mobility-focused leasing company with a unique understanding of the used car subscription/ leasing model and now also offering electric vehicles. Understanding that the cost of ownership is significantly increasing Y-o-Y, PumPumPum’s model is providing much-needed respite to the 650+ customer base that is growing every month. 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.