According to reports, top executives of Droom have revealed that the online marketplace for used automobiles and auto services has plans to spend around 100 crores on marketing, advertising and promotions this year.
Sandeep Aggarwal, CEO of Droom, said, “We want to increase the sense of pride and lower the anxiety in the mind of a customer when they plan on buying a used vehicle.”
Droom is which is present in 160 towns and cities.
Aggarwal also said that the company is aiming at a five-fold increase in business in one year to 5,000-6,000 crore in annualised gross merchandise value (GMV).
“The company hopes to close the current fiscal with Rs 3,000 crore in annualised GMV,” Aggarwal said.
Founded in April 2014 in Silicon Valley, the Gurgaon-based startup is backed by venture capital firm Lightbox, Singapore-based investor Beenext, Beenos and Japanese incubator and VC firm Digital Garage.
Droom has so far raised more than Rs 300 crore in funds. Other competitors in the space include Google Capital and HillHouse-backed CarDekho, and Warburg Pincus and Tiger Global Management funded CarTrade.