Online automobile transactional platform Droom has raised $20 million (Rs 30 crore) in Series C round led by Integrated Asset Management and Digital Garage. All existing institutional investors and family offices from China, Hong Kong and Taiwan also participated in the round.
Drooms intends on using these funds to build on its tech platform and drive greater adoption of its ecosystem tools such as History, ECO, OBV and Credit.
This is the fifth round Droom has raised since inception, taking its total funding close to $65 million.
Founder and CEO Sandeep Aggarwal claims that Droom is the largest auto portal in India in terms of gross revenue, monthly traffic and number of auto dealers and also the largest auto vertical and hyperlocal marketplace in e-commerce.
â€śSeries C rounds typically accelerate the pace of growth for a business and help it establish its undisputed leadership in its sector and thatâ€™s exactly the case with us. This fresh capital infusion into our war chest will once and for all give us an unchallenged competitive edge, not just in the online automobile space but in the e-commerce landscape at large,â€ť he adds.
Jeffrey Yam, Integrated Asset Management said, â€śIndia 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.â€ť
Founded by ShopClues cofounder Sandeep Aggarwal, Droom is Indiaâ€™s first online marketplace for buying and selling new and used automobiles. The company claims to have over 65% of the automobile transactions market share online.
As per the company, it is doing over $554 million in annualized GMV growing at the rate of 350% YoY. It has over 159,000 auto dealers across 500+ cities in India.