[Funding alert] Used car leasing startup PumPumPum raises undisclosed amount from LC Nueva AIF
Gurugram-based startup, which offers used car leasing in the corporate and retail segment, on Wednesday announced that it 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 use the capital for consumer awareness, technology development, and expansion in over 15 cities across the country.
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.”
Tarun Lawadia, Founder and CEO, PumPumPum said, “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.
"A 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. The funding will be used to deepen PumPumPum's presence in its current markets and expand into new ones.”
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.
Addressing the huge potential of used car leasing in the country, Sameer Kalra, Co-Founder and Chief Growth Officer, said the startup was just scratching the surface of the multibillion-dollar market in the pre-owned car leasing space.
"We are working non-stop to lead this fast-growing market. 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,” Sameer said.