Mobility startup Pumpumpum raises Rs 2 Cr led by Inflection Point Ventures

Bengaluru, Karnataka – March 20, 2024 – Pumpumpum, a leading Indian pre-owned car leasing company, has secured INR 2 Crore in funding from Inflection Point Ventures (IPV), a prominent angel investing platform. This investment will fuel Pumpumpum's ambitious growth plans, including operational improvements, geographical expansion, technological advancements, marketing initiatives, and overall organizational development.

Pumpumpum: Revolutionizing Pre-Owned Car Leasing with a Fintech Edge

Established in 2018, Pumpumpum is a brainchild of Tarun Lawadia and Sameer Kalra. The company caters to both corporate and individual customers, offering a unique IoT-enabled smart car subscription model. This innovative approach addresses the growing demand for flexible and hassle-free car ownership in India's dynamic mobility landscape.

Focus on Electric Vehicles: Pioneering Sustainable Mobility Solutions

Recognizing the immense potential of electric vehicles (EVs), Pumpumpum is actively working on developing leasing solutions that facilitate EV ownership and accelerate early adoption. Currently, a quarter (25%) of Pumpumpum's fleet comprises EVs, with a strategic plan to double this percentage within the next 3-4 years. This commitment aligns with the growing national focus on sustainable transportation solutions.

Fintech Mobility: Addressing the Pre-Owned Car Leasing Market Gap

Pumpumpum operates within the burgeoning Fintech mobility sector. By leveraging technology and data analytics, the company is well-positioned to tap into India's massive pre-owned car leasing market, estimated to be worth USD 6 billion. Their B2B and B2C leasing model caters to a diverse range of customers, offering a convenient and cost-effective alternative to traditional car ownership.

Inflection Point Ventures: Fueling Innovation and Entrepreneurial Vision

Inflection Point Ventures (IPV) plays a crucial role in India's startup ecosystem. This angel investing platform provides not only financial backing but also invaluable mentorship and guidance to promising new ventures. IPV's recent launch of Physis Capital, a USD 50 million fund focused on pre-Series A and Series B startups, demonstrates their commitment to fostering innovation across various industries.

Mutual Vision for a Transformed Mobility Landscape

Commenting on the investment, Vinay Bansal, Co-founder of Inflection Point Ventures, stated, "Transportation is a fundamental need in India, just as essential as food, clothing, and shelter. Car ownership, particularly pre-owned cars, offers a practical solution for many. Pumpumpum's pioneering approach in pre-owned car leasing positions them perfectly to succeed in this market."

"This second round of funding from IPV is a testament to our dedication to revolutionizing auto leasing and expanding mobility options for all," said Tarun Lawadia, Founder & CEO of Pumpumpum. "This investment reinforces our shared vision of making car leasing accessible, convenient, and affordable. We are confident that Pumpumpum's unique value proposition will redefine industry standards for car leasing in India."

Looking Ahead: A Promising Future for Pumpumpum

With this strategic investment from IPV, Pumpumpum is poised for significant growth. The company's commitment to innovation, a focus on sustainable mobility solutions, and a deep understanding of the Indian market position them as a frontrunner in the pre-owned car leasing sector. As Pumpumpum expands its reach and refines its offerings, the company is well on its way to making car ownership a possibility for a wider segment of the Indian population.