Pumpumpum is empowering millennials with an IoT enabled smart car subscription model
FinTech BizNews Service
Mumbai, March 14, 2024: Inflection Point Ventures has announced an investment of INR 2 Crores in Pumpumpum- a Fintech mobility startup. The funds will be allocated for growth in operations, geographical reach, technological advancements, marketing endeavors and overall organizational development for greater visibility, and sustained success of the enterprise.
Founded in 2018 by Tarun lawadia, Founder & CEO and Sameer Kalra, Co-Founder & CGO, both ex-IITians and senior leasing professionals working on affordable & flexible mobility solutions. Together, they lead Pumpumpum's strategic growth and operational excellence, leveraging their diverse expertise from varied sectors.
Vinay Bansal, Co-Founder, Inflection Point Ventures says, “India is now a country with the highest population, the biggest need one has after roti kapda aur makaan 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. And Pumpumpum is category creator and leader, in the market of leasing pre-owned cars''.
Tarun Lawadia, Founder & CEO, Pumpumpum says, “IPV's second round of funding with PumPumPum highlights our commitment to revolutionizing 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."
PumPumPum's standout position in the Fintech mobility sector stems from its innovative B2B2C & B2C pre-owned car leasing model. Diverging from traditional ownership and other new car leasing models, PumPumPum offers a subscription-based platform that prioritizes consumer convenience, flexibility, and affordability. Through the integration of technology and data analytics, the company delivers a seamless and personalized experience, setting new industry benchmarks for accessibility and convenience. PumPumPum's commitment to market differentiation includes providing a diverse range of vehicles under its user-chooser model, catering to both popular and less conventional choices, thereby expanding consumer options and bolstering confidence among financial institutions.
PumPumPum operates nationwide in the expansive market of pre-owned car leasing, covering all regions of India. The company strategically positions itself to tap into the significant $6 billion Serviceable Addressable Market (SAM) for pre-owned car leasing in the country. PumPumPum's commitment to nationwide coverage aligns with its goal of providing innovative and convenient pre-owned car leasing solutions to a wide spectrum of customers, establishing itself as a key player in the Indian automotive market.
