PumPumPum raises Rs 5.5 crore in pre-series A funding

India's only startup to offer used-car leasing in corporate and retail segment PumPumPum has secured Rs 5.5 crore pre-series A funding led by Inflection Point Ventures.

It plans to utilise the capital for category disruption, consumer awareness, technology development, brand building and expansion.

The startup endeavours to empower smart car ownership for Indian millennials by providing 'cars as a service' and ensuring safety, affordability, flexibility and minimised liabilities.

"Car leasing and subscription is fast catching pace in the country and has a great future ahead," said Founder and Chief Executive Officer of PumPumPum Tarun Lawadia.

"We are committed to offer a hassle-free smart car experience with zero down-payments, zero maintenance charges and zero insurance premiums," he added.

The startup has strategic tie-ups with financial partners such as ICICI Bank, IDFC Bank, Canara Bank and Kogta Finance.

PumPumPum redefines the traditional approach of car ownership by providing IoT enabled pre-owned cars at an affordable and flexible subscription for short to long-term durations.

( With inputs from ANI )