PumPumPum, a used automobile leasing firm has raised $2 million (Rs 15 crore) fairness 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 funds will probably be used to speed up the corporate’s plans and its imaginative and prescient to turn into India’s largest mobility leasing platform.
The start-up claims it’s the first firm in India to enterprise within the section of subscription/leasing of used vehicles. Through its distinctive enterprise mannequin, customer-first strategy and value-added companies like insurance coverage and servicing, it claims it has been capable of obtain 1,000% progress (albeit a low-base) within the auto section in FY 2021-22. At current, the corporate has established a presence in Delhi-NCR and Bangalore however manages and companies its fleet in over 55 cities.
Sameer Kalra, co-founder – CGO and Tarun Lawadia, founder – CEO, PumPumPum mentioned, “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 1,000% 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 accomplice, 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.”
Uday Sodhi, co-founder, Founders Room Capital shared, “The concept of mobility and transportation has drastically modified within the final two years. We firmly imagine that leasing of automobile by corporations will see an unprecedented demand as extra workers search for private commute within the post-Covid period. “
Source: www.financialexpress.com”