Droom raises $ 30 million from Japanese Investors
Droom, an automobile transactional marketplace, recently closed its Series E funding round raising $30 million, led by the Family office of Japanese based investor Joe Hirao, Founder ZIGExN.
The company has so far raised close to $125 Million dollars over six rounds of funding.
Some of the prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management and Family office of Japanese based investor Joe Hirao, Founder ZIGExN.
“The current series E funding gives an immense fillip to us as we aim to simultaneously strengthen and diversify our services such as inspection, Droom Credit, C2C and C2B marketplace formats, enable a smooth online transaction and provide more competitive terms and interest rates to customers through Droom Credit,” said Sandeep Aggarwal, Founder and CEO, Droom. “The latest round of funds will help us in our expansion goals and, accomplishment of our growth objectives and scaling up our technology to build efficiency.”
Droom plans to dedicate the funds raised towards Droom Credit, to bolster its doorstep pan India inspection services, Certification services such as OBV, History & ECO and C2C & C2B marketplaces. To further strengthen its dominance in the online automobile marketplace segment. The company plans to focus on scalability of its financial offerings, inspection, & marketplace formats beyond B2C. It will also invest in further developing its Machine learning and AI capabilities for its vast portfolio of products. Besides this, Droom is also looking to invest in advanced, emerging technologies such as IoT for its ECO segment and Blockchain for its credit facilitation services.
The company plans to expand its operations in 100 more cities across the country and explore international operations. In the past three years, the company has generated close to $750 million in gross revenue and $20 million in net revenue with a listed GMV of $6 billion.
The company aims to double its gross merchandise value (GMV) to $1.4 billion by end of 2018 and $3.5bn by 2019. The company plans to go for an IPO by 2020.
Droom is headquartered in Gurugram, India, with a team size of around 325 employees. The firm is structured as a Singapore Holding Company with subsidiaries in India and the United States.
Droom has four marketplace formats : B2C, C2C, C2B and B2B, and three pricing formats — Fixed Price, Best Offer and Auction.
