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 and CEO, Innov8; Shobhit Shukla, co-founder, Near.co; and Rahul Agarwal, CFO at 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 and 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 and 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 subscription 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 has 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.