Fintech mobility startup Pumpumpum has successfully secured Rs 2 crore in a funding round led by Inflection Point Ventures, a prominent angel investment firm headquartered in Gurugram. This infusion of capital marks a significant milestone for Pumpumpum, as it embarks on a journey to expand its operations, extend its geographical reach, enhance technological capabilities, boost marketing efforts, and strengthen overall organizational development. These strategic initiatives aim to elevate Pumpumpum’s visibility and consolidate its position in the dynamic mobility sector.
Established in 2018 by Tarun Lawadia, Founder & CEO, and Sameer Kalra, Co-Founder & CGO, both esteemed alumni of IIT and seasoned professionals in the leasing domain, Pumpumpum is committed to providing affordable and flexible mobility solutions. Tarun Lawadia, Founder & CEO of Pumpumpum, expressed enthusiasm about the partnership with IPV, stating, “IPV’s second round of funding with PumPumPum highlights our dedication to revolutionizing auto leasing and expanding mobility options for all. This investment underscores our shared vision of making car leasing accessible, convenient, and affordable, while leveraging Pumpumpum’s unique selling proposition to redefine industry standards.”
With a remarkable growth rate of 200% year over year, Pumpumpum has redefined vehicle ownership by offering on-demand access to aspirational cars, thus reshaping the pre-owned automotive industry landscape. Vinay Bansal, Co-Founder of Inflection Point Ventures, emphasized the significance of Pumpumpum’s innovative approach, stating, “India, with its burgeoning population, places transportation as a fundamental need after basic necessities. The concept of leasing pre-owned cars is poised for success in such a scenario. Pumpumpum, as a pioneer and market leader in this segment, is well-positioned to capitalize on this opportunity.”
Pumpumpum distinguishes itself in the Fintech mobility sector with its unique model of leasing pre-owned cars to both businesses and consumers. Unlike conventional car ownership or leasing of new vehicles, Pumpumpum offers a subscription-based service that is convenient, flexible, and cost-effective for customers.
By leveraging technology and data-driven insights, Pumpumpum ensures a personalized and user-friendly experience for each customer, setting new benchmarks for accessibility and convenience in car leasing. Moreover, Pumpumpum boasts a diverse portfolio of cars, ranging from popular to niche options, providing customers with an extensive array of choices and instilling confidence in financial institutions partnering with the company.
The successful funding round signifies a pivotal moment for Pumpumpum as it continues to innovate and drive positive change in the mobility landscape, ultimately empowering individuals and businesses with seamless access to transportation solutions.