After landing INR 5.5 crore Pre-Series A funding this year, PumPumPum, which offers ‘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.
The company plans to utilize the capital for consumer awareness, technology development, and expansion in over 15 cities across the country. It is transforming smart car ownership for Indian millennials by providing ‘cars as a service and ensuring safety, affordability, flexibility & minimised 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.”
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.
Tarun Lawadia, Founder & CEO, PumPumPum, said 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 the company’s presence in its current markets and expand into new ones.”
The company is riding on technologies such as IoT to deliver a seamless experience to users. All the cars are IoT enabled cars (OBD device), which captures customer driving behaviour & car health parameters. IoT-enabled cars add smart features to economical cars, which are easily accessible by the user through its 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.