[Funding alert] Used car leasing startup PumPumPum raises Rs 2 Cr in debt
Gurugram-based startup PumPumPum, which offers used car leasing in the corporate and retail segment, announced that it secured Rs 2 crore in debt funding from ICICI Bank, Canara Bank, and Kogta Financials.
The startup said the funding will be primarily used to accelerate its used car leasing platform and meet its asset financing requirements. It also plans to use the funds to extend its fleet of cars by adding 1,000 more vehicles. This will help in scaling up its business, as well as growth on a monthly basis.
PumPumPum also received standing instructions of Rs 10 crore on debt financing from ICICI Bank and others.
“We are confident that this debt funding will help us in managing assets and delivering seamless service offerings to our retail and corporate customers,” said Sameer Kalra, Co-founder and Chief Growth Officer of PumPumPum.
This debt funding is in addition to Rs 2.2 crore seed funding secured recently from a LetsVenture Syndicate led by Pallav Pandey (former Co–founder and CEO, Fastfox.com), with the participation of other angel investors including Ritesh Malik (Founder and CEO, Innov8), Shobhit Shukla (Co-Founder, Near.co), Rahul Agarwal (CFO, Near.co).
“To take the niche ‘used car leasing’ segment to ultimate heights in the country, we have strongly established a robust ecosystem of partners and brand associations who are consistently supporting us to scale faster than the market expectations in the current scenario. We are committed to offer a hassle-free smart car experience to Indian millennials,” said Tarun Lawadia, Founder and CEO of PumPumPum.
PumPumPum has monthly subscriptions ranging from Rs 10,000 to Rs 1 lakh, based on its duration. The startup is also planning to offer used luxury cars in the leasing format. At present, its services are available in Delhi-NCR, and it plans to reach out to newer markets, including Bengaluru, Hyderabad, Mumbai, and Pune.
Founded by Tarun Lawadia and Sameer Kalra in 2018, PumPumPum 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.