Online automobile marketplace Droom has raised $30 million in Series D round from Toyota Tsusho Corporation (member of Toyota Group) and VC firm Digital Garage. Along with Ellison Investments as well as many existing investors and a number of prominent institutional investors and family offices from China, Hong Kong and SE Asia.
The newly raised funds will be used to further strengthen Droom’s domination in the online automobiles marketplace segment in India, as well as international expansion. The tech-led platform will also invest heavily in further developing its Machine learning and AI capabilities and build 100x larger scale.
Speaking on the development, Sandeep Aggarwal, Founder & CEO, Droom said, “We are delighted to have a major investor like Toyota Tsusho Corporation backing us in this round. This partnership will play a major role in Droom’s journey ahead by helping us realise our growth potential, both in India and internationally.”
The company has also signed an MOU with Toyota Tsusho Corporation to expand internationally in SE Asia.
Founded in 2014, Droom is online marketplace to buy & sell used cars, bikes
Since its inception, Droom has raised a total funding of $93 million. The company raised million Series C funding in July 2017, $25 million Series B funding in June 2016, $16 million Series A funding in July 2015 and $2 million in Seed round in June 2014.
In the past three years, Droom has acquired 70% of the online automobile market share in India, generating close to $700 million in gross revenue and $15 million in net revenue with the listed GMV of $3.5 bn. The company has proved its position as largest online automobile marketplace in India with close to 250k auto dealers in more than 500 cities across India on its platform and 27.3 million monthly visitors. Droom aims $1.4 bn GMV by end of 2018 and $3.5 bn by 2019. Besides, it also plans to go for an IPO by end of 2019.