Droom, online marketplace for buying and selling used automobiles today said that It has raised $20 million in Series C round financing led by Integrated Asset Management and Digital Garage along with existing investors Lightbox, Beenos and Beenext. A number of prominent institutional investors and family offices from China, Hong Kong and Taiwan also participated in this round.
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, said the company in a statement.
Commenting on the latest round of funding, Sandeep Aggarwal, Founder and CEO of Droom said, “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.”
Further, 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.”
Founded by former Shopclues CEO Sandeep Aggarwal in 2014, Droom provides an online marketplace for buying and selling new and used automobiles in three pricing formats—fixed Price, best offers and auctions.The company has raised about USD 65 million so far within three years of its existence. Most recently, it had raised an undisclosed amount in a Series B round from venture capital fund Beenext, Japanese Internet Company Digital Garage, Lightbox and Beenos, besides other existing investors.
Droom claims to be currently doing USD 510 million in annualised GMV in transactions and giving a tough competition to the other players Truebil, Zoomo, CarDekho, Carwale and CarTrade, apart from the like of horizontal platforms OLX and Quikr.