With eyes on millennial consumers, India’s first used car leasing startup PumPumPum secures new bridge funding from LC Nueva AIF
After landing INR 5.5 crore Pre-Series A funding this year, PumPumPum, India's fastest emerging fintech mobility player and country's only startup to offer 'Used Car Leasing' in the corporate and retail segment has secured an undisclosed amount of new bridge funding from LC Nueva AIF*, an India domiciled Category II AIF Fund, where LC Nueva Investment Partners LLP^ is the Investment Manager. PumPumPum plans to utilize the capital for consumer awareness, technology development, and expansion in over 15 cities across the country.
PumPumPum is successfully leveraging the Big Idea of enabling and empowering Millennials to live their aspirations the way they want. By allowing them to drive the Used Car Leasing trend in India, the company is transforming smart car ownership for Indian millennials by providing 'cars as a service' and ensuring safety, affordability, flexibility & minimized liabilities.
Sohil Chand, Chief Investment Officer, LC Nueva AIF* said, "Driven by millennials' quest for an asset-light lifestyle and unique experiences, PumPumPum is radically changing the way the world looks at mobility and subscriptions. Subscriptions hold immense potential as they provide hassle-free car ownership and also help save a significant amount of tax, resulting in a much cheaper mode of commuting. We are confident that this investment and partnership will make an impactful contribution to the fintech mobility space and drive adoption for used car leasing in India."
Amid the pandemic, the demand for personal mobility has grown manifold, and along with the used-car business, leasing too is trending in India's mobility arena. A show stopper on India's Fintech Mobility Stage, PumPumPum is seamlessly taking care of all the used car owner's risks such as repair, maintenance, tyres, batteries, car resale value, insurance, etc., thus ensuring a safe and comfortable travel with hassle-free ownership.
Talking about the company plans to utilize the investment, Tarun Lawadia, Founder & CEO, PumPumPum says, "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. Pre-owned Car leasing policy is one of the latest trends driving the HR rule book of a majority of corporates as well as start-ups in the country. The funding will be used to deepen PumPumPum presence in its current markets and expand into new ones."
Addressing the huge potential of Used Car leasing in the country, Sameer Kalra, Co-Founder & Chief Growth Officer says, "We are just scratching the surface of the multi-billion-dollar market in the pre-owned car leasing space. We are working non-stop to lead this fast-growing market truly. The used-car leasing trend in India is on the edge of redefining the future of mobility and subscription. India's millennial population is getting future-ready to fuel this transformation."
The company is riding on technologies such as IoT to deliver a seamless, safe and exceptional experience to users. All the cars are IoT enabled cars (OBD device), which captures customer driving behavior & car health parameters. IoT-enabled cars add smart features to economical cars, which are easily accessible by the user through the PumPumPum app. The company is applying machine learning to reduce maintenance costs by taking a preventive course with the help of data received through IoT. A real-time credit check allows the user to get rid of lengthy banking and loan processes along with a lot of paper trail.
The company is currently offering its services in Delhi-NCR, Mumbai, and Bengaluru and has aggressive plans to reach out to 15 cities in the next one year.