The company aims to tap into the US$ 6 billion Serviceable Addressable Market (SAM) for pre-owned car leasing, ensuring comprehensive nationwide coverage.
14 Mar 2024 | 2906 Views | By Autocar Professional Bureau
Pumpumpum, India's first pre-owned car leasing company, has secured an investment of Rs 2 crore from Inflection Point Ventures. This investment will fuel Pumpumpum's ambitions to expand its operations, geographical footprint, technological infrastructure, and marketing initiatives, further solidifying its position in the market.
Founded in 2018 by Tarun Lawadia ...
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Pumpumpum, India's first pre-owned car leasing company, has secured an investment of Rs 2 crore from Inflection Point Ventures. This investment will fuel Pumpumpum's ambitions to expand its operations, geographical footprint, technological infrastructure, and marketing initiatives, further solidifying its position in the market.
Founded in 2018 by Tarun Lawadia (Founder & CEO) and Sameer Kalra (Co-Founder & CGO), both of whom are ex-IITians with deep expertise in the leasing industry, Pumpumpum has been at the forefront of offering affordable and flexible mobility solutions. Their focus on empowering millennials with IoT-enabled smart car subscriptions has set a new benchmark in the automotive leasing sector.
Vinay Bansal commenting on the investment said, “India is now a country with the highest population, the biggest need one has after food, clothes and a house is transportation. Two-wheeler for a bachelor and 4-wheeler for a family is not a convenience but a necessity. However, only about 8% of Indian households (approximately 1 in 12) own cars. Hence the notion of leasing out pre-owned cars is bound to succeed.”
Tarun Lawadia shared “IPV's second round of funding with PumPumPum highlights our commitment to revolutionising auto leasing and amplifying 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."
Operating across India, Pumpumpum aims to tap into the US$ 6 billion Serviceable Addressable Market (SAM) for pre-owned car leasing, ensuring comprehensive nationwide coverage. This strategic approach not only broadens consumer options but also strengthens the confidence of financial institutions in the viability and potential of the pre-owned car leasing market.