Gurugram-based Used Car Leasing Startup PumPumPum Raises Undisclosed Amount
Pumpumpum, a Gurugram-based used car leasing startup, has secured an undisclosed amount of new bridge funding from LC Nueva AIF, an India domiciled Category II AIF Fund.
The startup plans to use the capital for consumer awareness, technology development, and expansion in over 15 cities across the country.
Pumpumpum | Used Car Leasing And Subscription Startup
Started by Tarun Lawadia and Sameer Kalra, Pumpumpum empowers car users with a smart car subscription model. The Gurugram-based startup provides a monthly subscription of pre-owned cars at affordable rates.
Offering “CAR AS A SERVICE” and ensuring flexibility, affordability & zero liability, the startup enables users to select a car from a pool of certified pre-owned cars.
Speaking on the development, Tarun Lawadia, Founder and CEO of PumPumPum, said that that pre-owned car leasing policy is one of the latest trends driving the HR rule book of a majority of corporates and startups in the country.
He added,
“Used car leasing and subscription is now fast catching pace in the country as employees are avoiding public transport for safety reasons and corporates are seeking an affordable car leasing model as an end-to-end employee mobility solution.”
With aggressive plans to reach out to 15 cities in the next one year, Pumpumpum is currently offering its services in Delhi-NCR, Mumbai, and Bengaluru.
Sameer Kalra, Co-Founder and Chief Growth Officer, also shared his view about the pre-owned car leasing segment and said the startup was just scratching the surface of the multibillion-dollar market. Fueled by India’s millennial population, the used-car leasing trend in India is on the edge of redefining the future of mobility and subscription, Sameer stated.
The pre-owned car segment is picking up the pace with sales currently at 1.5 times more than new car sales, as per a study carried out by research firm Frost & Sullivan (commissioned by Volkswagen India). Many market experts believe that the used-car leasing trend in India will redefine the future of mobility and subscription.
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