PumPumPum raises $2 million in equity funding from LC Nueva and others
- ByStartupStory | June 3, 2022
Dream Road Technologies Pvt Ltd’s PumPumPum, a used-car leasing start-up, said today that it has secured $2 million in equity capital from LC Nueva Investment Partners, Founder’s Room Capital, Lets Venture, Nazaara’s founder Manish Agarwal, and Uday Sodhi, ex-Business Head of Sony Liv.
Through its IoT-enabled used-vehicle subscription and leasing platform, the Gurugram-based start-up promises to give mobility alternatives to clients who have been compromising on their automobile ownership choices. In a first-of-its-kind business strategy, the corporation announced a 1000% increase in the vehicle segment in the fiscal year 2021-22.
Currently operating in Bengaluru and Delhi-NCR, the firm intends to grow to more than 55 locations throughout the country through its partner network. PumPumPum is seeking to make its impact in India’s auto business, with the ultimate objective of “making automobile ownership flexible.”
Sameer Kalra, co-founder & CGO and Tarun Lawadia, founder & CEO, of PumPumPum, claimed that PumPumPum is a future used automobile leasing solution. The company’s business approach guarantees that we provide a hassle-free experience and provide consumers with the same sense of ownership as if they owned a car without the extra burden of vehicle maintenance and finance. This enabled the firm to achieve 1,000% growth in FY 2021-22 and become EBIDTA positive. We are excited to announce that we have raised $2 million in equity and venture loans to assist us to accelerate and contribute to our next phase of growth.
Sohil Chand, founding partner and CIO of LC Nueva Investment Partners stated that in the previous five years, PumPumPum has developed dramatically. With its solid track record and tech-driven unique used car leasing/subscription model, the company is certain that Tarun and Sameer are creating an ecosystem that promises ease while also allowing its clients to drive and upgrade vehicles with minimal fuss.
Uday Sodhi, co-founder of Founders Room Capital said that the concept of mobility and transportation has radically evolved in the last two years. The firm is confident that corporate automobile leasing will experience record demand as more staff choose personal commutes in the post-Covid era.
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