Droom a Gurgaon based online automobile marketplace has raised an undisclosed amount of funding in its Series B round of funding from BEENEXT, a Singapore based investor and Digital Garage of Japan. Its existing investors Beenos and Lighnox Ventures also participated in the funding round. The funds will be utilised in expansion.
Droom was founded by Sandeep Aggarwal Ex-CEO of Shopclues and Rishab Malik. It allows the user to sell and buy new and used automobiles. In july 2015, it raised its series A funding of $16 million from Lightbox Ventures and Beenos a Japanese internet firm. Other funding round were raised in May and October 2014.
Sandeep Aggarwal Co-founder of Droom said
“We have been witnessing tremendous growth over the past 16 months in terms of adoption by sellers, number of categories and listings, geographical presence in 142 cities across India, and GMV/transactions. Droom is permanently changing how automobiles should be bought and sold online by creating tools for 21st century for trust, transparency, pricing, and convenience. We are delighted that BEENEXT and Digital Garage have liked the Droom journey so far and the future potential, and decided to lead the round.”
Teruhide Sato, Managing Partner, Beenext
“Droom has swiftly established its leadership position as the premium digital marketplace to buy and sell automobiles in India. Sandeep is an exceptional founder and his vision, grip on marketplaces and ability to drive innovations are second to none.”
In march 2016, the startup launched Eco an auto inspection app with carnation Auto. It aims at improving authenticity and transparency of automobile checks, and increasing confidence of buyer before buying a used car. Droom history a formulating car history on which Droom’s 150 member are working.
Droom the only marketplace which uses all the four models of operating including B2B, B2C, C2B & C2C. On its platform it charges a minimum cut for every transaction varying from service to service. For 2 wheelers it takes 2% and for cars 1.5%. For Eco services it takes 15% for rest of the automobile services including warranty and insurance. For value added services it charges 15k with a subscription plan for sellers.
The company claims to have 55k listings with 47k B2C sellers on board. It aims to target the merchandise sales of $10 billion by 2020. Its competitors include Quikr, OLX, Cardekho.com, Carwale, Zoomo and Spinny.
BEENEXT has invested in 40+ Indian startups, some of them are NoBroker a Bangalore based P2P rental marketplace, Locus a Bangalore based logistics management startup, Betaout a Npoda based e-commerce marketing software and Workindia a Mumbai based technology recruitment marketplace.