PumPumPum, a used-car leasing startup, said on Wednesday it has raised Rs 2.2 crore ($292,800) in a seed funding round. The capital was raised from the Early Adapters Syndicate (EaSyndicate) of LetsVenture, a platform for angel investing and startup fundraising, PumPumPum said in a statement.
Fastfox.com Co-founder Pallav Pandey, who is part of the syndicate, led the funding round. Other members who participated in the round include Ritesh Malik, Founder & CEO of Innov8, and Shobhit Shukla, Co-founder & Rahul Agarwal, CFO of Near.co.
PumPumPum, which is operated by Gurugram-based Dream Road Technologies Pvt. Ltd, will use the funds to strengthen its product development, marketing, and expansion plans, said Tarun Lawadia, Founder & CEO.
The startup’s services are currently available in Delhi-NCR. It has plans to enter newer markets including Bengaluru, Hyderabad, Mumbai, and Pune, said Sameer Kalra, the startup’s Co-founder & Chief Growth Officer.
The startup, which was founded in 2018, says it provides Internet of Things-enabled pre-owned cars at short- and long-term subscriptions to both retail and corporate clients. It also handles repair, maintenance, resale, and insurance for its customers. Its supply-side partners include VC-backed companies such as OLX and Cars24.
The broader pre-owned car and mobility segment have attracted significant investor interest. Earlier this month, Blu Smart Mobility Pvt. Ltd, an electric taxi-hailing and riding platform, raised Rs 37 crore in a pre-Series A funding round. LetsVenture’s was also one of the investors in it. In March, pre-owned cars platform Spinny secured $43.7 million in its Series B funding led by Fundamentum Partnership.
The investment platform’s syndicate has been quite active in striking deals in the past months. Besides Blu Smart, the LetsVenture syndicate recently co-invested in social video platform MitronTV. In May, the syndicate invested in CodeNinja.ai Inc., which operates the software-as-a-service based no-coding platform CodeNinjai.ai.
In the same month, LetsVenture floated a new platform targeted at ultra-high-net-worth individuals (UHNIs) and family offices called LetsVenture Plus. The platform operates on an invite-only basis and will allow both UHNIs and family offices to invest in growth-stage startups.
Published in VCCircle on July 20 | Source: https://bit.ly/30BgCDL
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