Droom has raised $30 million in a Series E round led by the family office of Japanese investor Joe Hirao. Another unnamed Japanese family office participated in the round, per Mint. The Gurgaon–based online automobile marketplace claims to have 75% of the market share of automobile transactions online.
Droom will use the funding for
- Provide competitive terms and interest rates for Droom Credit, its instant loan service launched in 2017
- Improve Eco – its country-wide inspection service
- Improve certification services, such as calculating Orange Book Value, the resale value for a used automobile
- Strengthen marketplace formats C2C and C2B
- Scaling up technology, developing machine learning and AI
- Investments in IoT and blockchain for credit services
- Expand operations in over 100 cities, as well as internationally
Droom’s previous funding
- In May, Droom raised $30 million in led by Toyota Tsusho and existing investor Digital Garage.
- In July 2017, it raised $20 million led by IAM and Digital Garage.
- In June 2016, it raised Rs 200 crore from Beenext and Digital Garage. It then claimed to have 47,000 automobile sellers.
- In August 2015, it raised Rs 100 crore from Lightbox and Beenext.
Droom in numbers
- Presence in over 550 cities in India, with 250,000 dealers on their platforms
- $750 million in gross revenue over the past 3 years
- $20 million in net revenue over the past 3 years
- Over 33 million monthly visitors, over 8 million app downloads
- Aims to double gross merchandise value to $1.4 billion by end of this year
- Plans to go for an IPO by 2020