The company has strengthened its presence in India with the opening of its new office in the region. With this foray, the company aims to make Used Car leasing the new norm for both retail and corporate user base.
PumPumPum, India’s fastest growing fintech mobility company has forayed into the Bengaluru market to tap the growing demand for used car leasing during the pandemic. The company has strengthened its presence in India with the opening of its new office in the region. With this foray, the company aims to make Used Car leasing the new norm for both retail and corporate user base. Car leasing and subscription are fast catching pace in the country as the new age car buyer is getting younger, changing cars frequently, and is avoiding public transport for safety reasons.
In these unprecedented times, car subscriptions hold immense potential as they provide hassle-free car ownership and also help save a huge amount of tax, resulting in a much affordable mode to commute. PumPumPum is changing the traditional approach of car ownership by providing IoT-enabled pre-owned cars at affordable and flexible subscriptions for short to long-term duration without any hassles of services and maintenance. Recently the company has secured Rs 5.5 crore Pre-Series A funding led by Inflection Point Ventures.
Addressing the rising trend of used car subscription, Tarun Lawadia, Founder & CEO, PumPumPum says, “Corporates are seeking for affordable car leasing model as an end to end employee mobility solution and a critical part of their employee safety program. In the current pandemic situation, the primary focus of companies is to make sure that every employee who commutes to the office travels with minimal infection risk. So is the case with Indian millennials who are willing to bring a dynamic change in the way we look at personal travel. The fast-catching trend of Used Car Leasing is here to stay even in the post COVID world. We are confident that our presence in Bengaluru will help the new age workforce to adapt to the new norm of used car leasing and avail exciting benefits.”
Sameer Kalra, Co-Founder & Chief Growth Officer says, “We are the only company in the Used Car Leasing space to provide a car with a white number plate ensuring a sense of pride and security for our customers. We intend to enable a robust ecosystem of used cars in the country by offering ownership aimed at effectively solving all consumer issues, right from pricing to quality and flexibility. We have aggressive plans to reach out to over 15 cities in the next 3 years as we are witnessing a huge demand for used car leasing from metros as well as non-metros markets.”
Ranging from monthly subscriptions of ₹10,000 onwards, PumPumPum car subscriptions are dynamic based on the duration of the subscription. Witnessing a huge demand for luxury cars in the segment, the company is also planning to offer Used Luxury Cars in the leasing format. In a short span of time, PumPumPum has established a robust network of associates and partners. The startup has strategic tie-ups with financial Partners such as ICICI Bank, IDFC Bank, Canara Bank & Kogta Finance; strategic sourcing partners such as Cars24, OLX, Avis, SMAS, LeasePlan, VW Das Wels Auto, Renault Select, and corporate tie-ups with Xceedance, Snapdeal, People Strong, Bira, Ashiana Group and Chaayos.
The company is riding on technologies such as IoT to deliver seamless, safe, and exceptional experiences to users. All the cars are IoT enabled cars (OBD device), which captures customer driving behavior & car health parameters. IoT-enabled cars to add smart features to economical cars, which are easily accessible by the user through the PumPumPum app. The company is applying machine learning to reduce maintenance costs by taking a preventive course with the help of data received through IoT. A real-time credit check allows the user to get rid of lengthy banking and loan processes along with a lot of paper trail.
Source: Business World