Gurugram-based PumPumPum, a used car leasing startup, today announced it has raised an undisclosed amount of new bridge funding round led by LC Nueva AIF, an India domiciled Category II AIF Fund, where LC Nueva Investment Partners LLP is the Investment Manager.
According to a statement, PumPumPum will utilize the raised capital for consumer awareness, technology development, and expansion in over 15 cities across the country.
Prior to this round, the startup had raised $735K as part of its pre-Series A round in April 2021, led by Inflection Point Ventures.
Founded in 2018 by Tarun Lawadia and Sameer Kalra, Dream Road Technologies Pvt. Ltd, which owns and operates PumPumPum, an online used car leasing startup that provides IoT-enabled pre-owned cars at an affordable and flexible subscription for short to long-term durations without any hassles of service and maintenance.
The startup currently offers its services in Delhi-NCR, Mumbai, and Bengaluru, and plans to expand its reach to 15 cities in the next 12 months.
“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,” Tarun Lawadia, Founder and CEO, PumPumPum said.
“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,” he adds.
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,” he added.