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PumPumPum, India’s first used automobile leasing firm, has raised $2 Million fairness from LC Nueva Funding Companions, Founder’s room capital, Lets Enterprise, Manish Agarwal, Founder and CEO, Nazara Group, and Uday Sodhi, Ex Enterprise Head Sony Liv. The raised quantity will speed up the corporate’s plans and its imaginative and prescient to grow to be India’s largest mobility leasing firm.
PumPumPum is the primary firm in India to enterprise within the section of subscription/leasing of used automobiles. Owing to the corporate’s distinctive enterprise mannequin, customer-first method and value-added companies like insurance coverage and servicing, PumPumPum recorded a by no means heard of 1000% development within the auto section in FY 2021-22. Although the corporate is presently solely current in Delhi-NCR and Bengaluru but it surely manages and companies its fleet in over 55 cities.
Commenting on the announcement, Sameer Kalra, Co-Founder – CGO and Tarun Lawadia, Founder – CEO, PumPumPum shared, “PumPumPum is a futuristic used automobile leasing resolution. Our enterprise mannequin ensures that we prolong a problem free expertise and provides clients the identical feeling of proudly owning a automobile with out the added fear of car upkeep and financing. This helped us document a 1000% development in FY 2021-22, thus turning into EBIDTA optimistic. We’re delighted to share that we’ve secured $2 Million in fairness that may assist us speed up and contribute to the subsequent leg of our development.“
Sohil Chand, Founding Associate, and CIO, LC Nueva Funding Companions, shared, “In the previous couple of years we’ve seen PumPumPum develop exponentially. With its confirmed monitor and tech-driven revolutionary used automobile leasing/ subscription mannequin, we strongly imagine that Tarun and Sameer are constructing an ecosystem that’s promising comfort whereas additionally giving a chance to their clients to drive and improve automobiles with zero hassles. We’re comfortable to be partnering and investing in PumPumPum, we really imagine that the used automobile section of the nation has immense untapped potential and with the best management and a well-thought-out mannequin, it is going to be straightforward to drive residence success.”
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. That is the place corporations like PumPumPum will assist in addressing this demand by way of its revolutionary enterprise mannequin. We’re excited to share that we’ve invested within the firm as a testomony to our religion in PumPumPum’s enterprise mannequin.”
PumPumPum is a mobility-focused leasing firm with a singular understanding of the used automobile subscription/ leasing mannequin and now additionally providing electrical automobiles. Understanding that the price of possession is considerably growing Y-o-Y, PumPumPum’s mannequin is offering much-needed respite to the 650+ buyer base that’s rising each month. The corporate offers hassle-free mobility options to its company and retail clients the place they deal with end-to-end service, upkeep, insurance coverage, and every other vehicle-related points beneath a single lease rental/ subscription.
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