In a move that once again underlines its pioneering status in the country’s automobile industry, Droom, Indian online automobile transactional marketplace, has announced the launch of Droom History. Droom History is an unbiased report which curates historical data available through various authorised data providers to deliver in-depth information about a vehicle’s background. Generated using Droom’s proprietary technology, the report will address issues related with a vehicle’s safety, trust, and value.
Speaking on the launch, Sandeep Aggarwal, Founder & CEO, Droom, said, “Unlike USA and Western Europe, India is a low trust market, especially for used automobiles. Many aspects of a pre-owned vehicle, such as ownership history, title dispute, and vehicle-related issues, are non-reliable. This is largely due to the unavailability of verified information about a pre-owned vehicle. With Droom History, we are making India’s largest information repository for used vehicles. By providing a report on vital vehicle-related information to a prospective buyer within minutes, we aim to foster greater trust and transparency in the used automobile segment.”
In order to present the most consolidated and transparent report to its users, Droom constantly collects and updates vehicle information in over 18 unique data fields from 1000+ RTOs across the country. Droom History currently has information about more than 19 crore private and commercial vehicles such as two-wheelers, cars, taxi, trucks etc in its database, with real-time information of nearly 6 million vehicles from the Delhi-NCR region alone. During the first phase of the launch, Droom will put up listings with valid RC numbers on its platform. The front-end will also be soon opened to users, giving them access to the most accurate, real-time information about used vehicles.
Somendra S. Rathore, Senior Director, Product and Technology, Droom, added, “The used vehicle market in India often faces issues such as low transparency and a distinct lack of trust between buyers and sellers. With Droom History, we aim to plug this information gap by making a standardised, central repository for used vehicle history. Integrating disparate IT systems and producing our own data science and machine tools over the past nine months has been a colossal task, but we’re confident that our hard work will pay off and help India embrace a more digitally-driven economy.”
The process of generating the Droom History report for a vehicle will be fairly simple. All user will have to enter the vehicle’s VIN or registration number and check for the availability of the report. If the vehicle report is available in Droom’s database, users can get the report sent to their registered email address within half an hour for free of cost. The information can then be leveraged by users to make better purchases, ensuring the security of their investment and offering them peace of mind while purchasing a used vehicle.
In June 2016, Droom has announced the closing of its Series B funding in a round led by BEENEXT from Singapore and Digital Garage from Japan. Majority of existing investors are participating in the current round including Lightbox and BEENOS. Also, in September, the company entered into a partnership with CashCare, an innovative consumer lending platform where short-term loans are provided on a real-time basis.