PumPumPum, a startup involved in used-car leasing, has raised Rs 5.5 crore in a pre-Series A funding round led by Inflection Point Ventures, according to PTI report.
Other investors that participated in the funding round include Lets Venture and Agility Ventures.
The company plans to utilise the capital for various activities, including consumer awareness, technology development, brand building and expansion, the statement said.
“To take this niche category to newer heights, we are consistently expanding our reach along with tech disruption and high decibel consumer awareness…,” Tarun Lawadia, founder and chief executive officer of PumPumPum, said in the statement. We are confident that the capital infusion will help us in category disruption and strengthen our product development, marketing and expansion plans,”.
According to him, car leasing and subscription is fast catching pace in India and has a great future ahead. The company will offer a hassle-free smart car experience with zero down-payments, zero maintenance charges and zero insurance premiums, Lawadia said. Monthly subscription charges range from Rs 10,000 to Rs 1 lakh.
According to co-founder and Chief Growth Officer Sameer Kalra, PumPumPum plans to expand to over 15 cities in the next three years on the back of a huge demand for used car leasing from metros as well as non-metros.
