At a time when funding has become the most elusive term in the e-commerce landscape with even growth-stage companies struggling to find willing investors, Droom, Indian online automobile transactional platform has proved that it stands apart from the rest yet again. It has successfully raised $20 million in its Series C round 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 is demonstrating the deep trust and confidence that brand Droom elicits today.
The round of funding is the fifth in Droom’s history and positions the platform to further disrupt the online automobile space in India. With the fresh infusion of funds, Droom has raised closed to $65 million so far, a figure which will enable it to further fortify its market domination. The newly-raised capital will be leveraged to consistently 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.”
Speaking on the occasion, Jeffrey Yam, Integrated Asset Management said, “India is the next China as far as consumer internet is concerned. We are really impressed by Droom’s ability to drive innovation, create scalable technology platforms, and capture the growth of the Indian automobile industry. Droom creates value for the industry by directly addressing and solving common pain points experienced by buyers and sellers.”
Siddharth Talwar, Co-founder & Partner, Lightbox, an existing investor with Droom, affirmed that Droom is both a market leader and true innovator, revolutionising the way that people buy used vehicles in India. The Company’s focus on building core technology products to support its marketplace from its pricing engine Orange Book Value to Droom History to ECO and now Credit, enables them to provide tremendous transparency to consumers throughout the country -which can never be duplicated by traditional dealers. We look forward to being a part of the company’s continued success.
In May 2017, Sandeep Aggarwal also announced his plans of investing Rs 20 crore in 9-12 startups by the end of this year.