Used car leasing platform Pampam raises Rs 15 crore in equity
Used car leasing company Pampampam has raised $2 million (Rs 15 crore) equity from LC Nueva Investment Partners, Let’s Venture, Manish Aggarwal, Founder & CEO, Nazra Group and Uday Sodhi, Former Business Head Sony Liv. The funds will be used to accelerate the company’s plans and its vision to become India’s largest mobility leasing platform.
The start-up claims that it is the first company in India to venture into the used car subscription/leasing segment. Through its unique business model, customer-first approach and value-added services like insurance and servicing, it claims that it has been able to achieve 1,000% growth (albeit low-base) in the auto segment in FY 2021-22. Is. Currently, the company has established presence in Delhi-NCR and Bangalore but manages and serves its fleet in over 55 cities.
Sameer Kalra, Co-Founder-CGO and Tarun Lavadia, Founder-CEO, Pumpampam said, “Pumpampam is a futuristic used car leasing solution. Our business model ensures that we extend a hassle-free experience and give customers the feeling of owning a car without the added worry of vehicle maintenance and financing. This helped us register a growth of 1,000% in FY 2021-22, thus turning EBIDTA positive. We are pleased to report that we have secured $2 million of equity that will help us accelerate and contribute to our next phase of growth.
Sohil Chand, Founding Partner and CIO, LC Nueva Investment Partners shared, “We have seen Pampam grow rapidly over the years. With our proven track and technology-driven innovative used car leasing/subscription model, we strongly believe that Tarun and Sameer are building an ecosystem that promises convenience, while also providing our customers with no cost savings. Also giving opportunity to drive and upgrade troublesome vehicles.
Uday Sodhi, Co-Founder, Founders Room Capital, shared, “The idea of mobility and transportation has changed a lot in the last two years. We firmly believe that there will be an unprecedented demand for car leasing by companies as more workers are looking for personal commuting in the post-COVID era. ,