Gurugram-based startup PumPumPum, which offers used car leasing in the corporate and retail segment, announced that it secured Rs 2 crore in debt funding from ICICI Bank, Canara Bank, and Kogta Financials.
The startup said the funding will be primarily used to accelerate its used car leasing platform and meet its asset financing requirements. It also plans to use the funds to extend its fleet of cars by adding 1,000 more vehicles. This will help in scaling up its business, as well as growth on a monthly basis.
PumPumPum also received standing instructions of Rs 10 crore on debt financing from ICICI Bank and others.
“We are confident that this debt funding will help us in managing assets and delivering seamless service offerings to our retail and corporate customers,” said Sameer Kalra, Co-founder and Chief Growth Officer of PumPumPum.