How online automobile marketplace droom gets $10 M

Droom is the 3rd largest E-commerce company in India in terms of GMV and the most extensive online auto marketplace for buying and selling new and used automobiles. They handle over 80% market share of the automobile transactions online. Droom is headquartered in Gurugram, India, with a team size of 495+. The company has four marketplace formats i.e., Business2Commerce, C2C, C2B and B2B, and three pricing formats – Fixed Price, Best Offer, and Auction.

The platform offers a wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance, and auto loan. Droom has in-built tech and data science tools to create the entire eco-system around used automobiles, including OBV (pricing engine), Eco (1000+ points vehicle inspection), History (200 million vehicle history records), Discovery (dozens of pre-buying tools) and Credit (India’s first and only marketplace for used vehicles’ loans). The company is currently generating $1.2 Billion in annualized GMV and growing at a rate of 150% Y/Y. Droom has a presence in 870+ cities across India (India’s largest hyper-local marketplace), 274K+ auto dealers (largest auto dealer platform in World), 55 Million+ monthly visitors, nearly 12 Million+ app downloads and 6.5 Million+ Facebook followers. Droom is a Singapore Holding Company with subsidiaries in India and the United States. The company has so far raised close to 125 Million dollars over six rounds of funding. Some of the prominent investors are Lightbox, Bee next, Buenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management, and Family office of Japanese based investor Joe Hirao, Founder ZIGExN.  Earlier this month, the company also allocated Rs 50 crore of its investment budget to set up an AI lab to leverage technological interventions like artificial intelligence (AI), machine learning (ML), and big data to offer newer tools and solutions to enable commerce for used automobiles. Droom claims to have sold over six lakh vehicles since its inception in 2014, through a network of 270,000 auto dealers on its platform, for an amount of Rs 8,000 crore.

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