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Droom raises Series D funding of $30m led by Toyota Tsusho Corporation

Online automobile marketplace Droom has raised $30 million in Series D round, led by Toyota Tsusho Corporation (member, Toyota Group) and co-led by Digital Garage of Japan. Other investors such as Ellison Investments, an Asia- based investment manager, existing investors and a clutch of institutional investors and family offices from China, Hong Kong and SE Asia, also participated in the round. Droom said in a statement that it will use the funds to expand its international presence. The company has also signed an MOU with Toyota Tsusho Corporation to expand internationally, in Southeast Asia. Droom claims that in last three years, it 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 $3.5bn. It has about 250k auto dealers on…

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