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Droom Announces Launch of New Vehicles on Its Marketplace

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Droom Announces Launch of New Vehicles on Its Marketplace 8

After creating a strong position for itself and building tremendous consumer trust in the pre-owned vehicles’ space, Droom, India’s pioneering online automobile transactional marketplace, has announced its foray into the new vehicles’ segment. With this step, Droom firmly cements its market leadership position in the overall automobile sphere of the country. Already popular as the country’s premier used vehicle buying and selling platform, Droom’s new vertical launch is just in time for the festive season and is sure to add to the ebullience of those looking to invest in their dream vehicles at this time of the year.

Droom is bringing unique innovations to the new category that will include a bank loan 50% of vehicle value pre-approved, door-step test drive and a slew of other goodies to various gift vouchers further to make the prospect of buying a new car from Droom more attractive. Droom’s far-sightedness and vision with its new automobile segment can be gauged from the fact that it has already tied up with major brands such as Nissan, Chevrolet, Skoda, Mahindra and the innovation powerhouse of e-vehicles, Hero Electric. Presently, automobiles from all the other brands except Mahindra are available in Delhi-NCR region while Droom facilitates buy/sell of Mahindra vehicles on a Pan-India basis.

Commenting on the announcement, Mr. Sandeep Aggarwal – Founder and CEO, Droom said, “After 18 months of successfully selling 30k used vehicles and generating a revenue of INR 1200 crores annualized GMV and growing 700% year on year, we are proud to finally be a part of the new vehicle market. Earlier we wanted to focus on the used-vehicle segment and change the way it functions through the use of digital tools. In the same vein, we want to know create a paradigm shift in the still conventionally-run new vehicle sector and bring about a positive disruption for the benefit of the end consumer.”

In a bid to ensure buyers are not discouraged by loads of paperwork, Droom has tried to keep the loan approval process short. The pre-requisites for loan application involve proof of Indian citizenship, birth/age proof for verification as an adult, 18 months of service/profession/business history and a government photo-id.

Already, about 50% of the online target-user traffic generated in the automotive space is being handled by Droom. To create a wider customer base, various offers such as an iPhone 7 and iPad are also being bundled in, to enhance purchase propensity in the initial phase of launch. The new automobiles are sold at Droom with basic listing prices and qualify the Droom Orange Book Value Excellence evaluation parameters. Equipped with allied services such as instant auto loans and vehicle insurance, Droom is looking to set new benchmarks in the Indian automobile market with this foray.

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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