Business
Droom raised $20 million in Series C round of funding from investors and family offices from China, Hong Kong and Taiwan
The newly-raised capital will be leveraged to build on its tech platform and drive greater adoption of its ecosystem tools such as History, ECO, OBV and Credit.
India’s largest and pioneering online automobile transactional platform, Droom raised $20 million (INR 130 Crores) in Series C round of funding led by Integrated Asset Management and Digital Garage. A number of prominent institutional investors and family offices from China, Hong Kong and Taiwan participated in the round which the startup takes as a demonstration of deep trust and confidence that brand Droom elicits today.
This is the fifth round of funding for Droom which, in all total, takes their funding to around $65 million – so far. The newly-raised capital will be leveraged to build on its tech platform and drive greater adoption of its ecosystem tools such as History, ECO, OBV and Credit.
Speaking on this round of funding, Droom Founder and CEO, Sandeep Aggarwal said, “Droom is the largest auto portal in India in terms of gross revenue, monthly traffic and number of auto dealers. We are also the largest auto vertical and the largest hyperlocal marketplace in e-commerce. Leaving the category behind, we have established ourselves amongst the top 4 e-commerce platforms in India.
“Series C rounds typically accelerate the pace of growth for a business and help it establish its undisputed leadership in its sector and that’s exactly the case with us. This fresh capital infusion into our war chest will once and for all give us an unchallenged competitive edge, not just in the online automobile space but in the e-commerce landscape at large,” Sandeep adds.
Droom gets over 65% of the automobile transactions market share online. The automobile platform is category, seller, price, condition, and geography agnostic. They have four market place formats – B2C, C2C, C2B and B2B, and three pricing formats – Fixed Price, Best Offer and Auction. The platform offers wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan.
Droom is currently doing $554 Mil+ in annualized GMV growing at the rate of 350% Y/Y, 159K+ auto dealers (largest auto dealer platform in India), presence in 500+ cities across India (largest hyper local marketplace), 24 Mil+ monthly visitors, nearly 5.8 Mil+ app downloads and 5 Mil+ Facebook community.
