Used vehicle Rental startup PumPumPum raises Rs two Cr funding in debt
Gurugram-based startup PumPumPum, which presents used automobile leasing in the company and retail segment, introduced that it secured Rs two crore in debt funding from ICICI Bank, Canara Bank, and Kogta Financials.
The startup stated the funding will be exceptionally used to speed up its used vehicle leasing platform and meet its asset financing requirements. It additionally plans to use the money to prolong its fleet of vehicles by way of including 1,000 extra vehicles.
This will assist in scaling up its business, as properly as increase on a month-to-month basis. PumPumPum additionally obtained standing directions of Rs 10 crore on debt financing from ICICI Bank and others
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This debt funding is in addition to Rs 2.2 crore seed funding secured lately from a LetsVenture Syndicate led by means of Pallav Pandey (former Co-founder and CEO, Fastfox.com), with the participation of different angel traders which include Ritesh Malik (Founder and CEO, Innov8), Shobhit Shukla (Co-Founder, Near.co), Rahul Agarwal (CFO, Near.co).
PumPumPum has month-to-month subscriptions ranging from Rs 10,000 to Rs 1 lakh, based totally on its duration.
The startup is additionally planning to provide used luxurious vehicles in the leasing format.
At present, its offerings are on hand in Delhi-NCR, and it plans to attain out to more modern markets, consisting of Bengaluru, Hyderabad, Mumbai, and Pune.
Founded by using Tarun Lawadia and Sameer Kalra in 2018, PumPumPum is altering the common method of automobile possession with the aid of imparting IoT enabled pre-owned automobiles at less expensive and bendy subscriptions for quick to long-term period barring any hassles of offerings and maintenance.