Pumpumpum, a Gurugram-based startup that provides used car leasing to businesses and consumers, revealed on Wednesday that it has received an undisclosed amount of new bridge capital from LC Nueva AIF, an India-domiciled Category II AIF Fund managed by LC Nueva Investment Partners LLP.
PumPumPum intends to use the funds to raise customer awareness, develop technology, and expand to more than 15 locations across the country.
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.
Tarun Lawadia, Founder and CEO, PumPumPum said, “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.