Used-car leasing firm PumPumPum raises $2 mn in equity funding

PumPumPum, a used-car leasing start-up run by Dream Road Technologies Pvt Ltd, announced today that it has raised $2 million in equity funding from LC Nueva Investment Partners, Founder's Room Capital, Lets Venture, Nazaara's founder Manish Agarwal, and Uday Sodhi, ex-Business Head of Sony Liv. 

Founded in 2018, the Gurugram-based start-up claims to provide mobility alternatives for clients who have been compromising on their car ownership choices through its IoT-enabled used-car subscription and leasing platform. In a first-of-its-kind business initiative, the company said that it has recorded a growth of 1000 per cent in the auto segment in the fiscal year 2021-22. 

In the month of May this year, the company announced the appointment of Nikhil Sharma as the associate vice president of growth and marketing, joining the company's leadership team. A seasoned marketer with more than 14 years of experience, the start-up had said that Sharma would be responsible for scaling up and implementing PumPumPum's integrated marketing initiatives, as well as moving the firm's corporate reputation forward. 

Presently operating in the cities of Bengaluru and Delhi-NCR, the company has plans to expand to more than 55 cities across the country by leveraging its partner network. With an ultimate goal of ‘making car ownership flexible, as stated in its official website, PumPumPum is looking to make its mark in India’s auto sector.

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