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Online automobile marketplace Droom had successfully raised $20 Mn (INR 130 Cr) as Series C round. The funding round was led by Japan’s Digital Garage and Integrated Asset Management which is a Hong Kong-based private investment office. Other existing investors includes Lightbox Ventures, BEENEXT and Beenos and family offices from APAC also participated in the round.
Commenting on the investment Jeffrey Yam of 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.”
This current round makes the total funding for Droom’s to be of $65 Mn. The company took undisclosed amount of funds June 2016.
Brief History of Droom
Droom is India’s mobile marketplace to buy and sell new and used automobiles. The company was founded in the year 2014 (in Silicon Valley). The company claims to transform the experience of buying a car from another buyer by bringing in a system of assessment and evaluation which is comprehensive, relevant and effective.
The company aims to work very closely in transforming the way buyers and sellers transact not just monetarily but also about the driving and mechanical conditions of the car. According to the company’s profile Droom claims “The current experience of buying and selling an automobile is antiquated, completely broken and full of stress, anxiety, pain points and pitfalls. Droom is offering 21st century experience in buying and selling automobiles. With our technology driven marketplace approach, we enable transactions between two users by bringing transparency, building trust, and mitigating information asymmetry. We are very passionate about making buying and selling experience for automobiles very simple, quick and anxiety free.”
The company’s founder Sandeep Aggarwal is also credited to be the founder of Shopclues back in 2011. He has been successfully able to lead one of the most rewarding Marketplaces model of India vix Shopclues which later also became to be an unicorn.