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 its platform across 500 cities across India and has 27.3 million monthly visitors. The company aims to double its gross merchandise value to $1.4 billion by end of 2018 and $3.5 billion by 2019. The company plans to go for an IPO by end of 2019.
Previously, Droom had raised Rs 100 crore in its first round of funding from Lightbox and Beenos, in August 2015, and followed it up by raising Rs 200 crore in a Series B round of funding led by Beenext and Digital Garage, in June 2016. Droom raised $20 million in a Series C round of funding led by Integrated Asset Management (IAM) and existing investor Digital Garage in July 2017.
Droom competes with the likes of CarDekho, Zigwheels, Quikr’s QuikrCars, CarWale, GoZoomo, 19miles, CarTrade etc.