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Droom, an online automobile transactional platform, has successfully raised $20 million (Rs 130 crore) in its Series C round led by Integrated Asset Management and Digital Garage. A number of prominent institutional investors and family offices from China, Hong Kong and Taiwan participated in the round.
With this infusion of funds, fifth round of funding by Droom, the company has raised closed to $65 million so far. The newly-raised capital will be leveraged to build on its tech platform and drive greater adoption of its ecosystem tools.
“Droom is the largest auto portal in India in terms of gross revenue, monthly traffic and number of auto dealers. We are also the largest auto vertical and the largest hyperlocal marketplace in e-commerce. Series C rounds typically accelerate the pace of growth for a business and help it establish its undisputed leadership in its sector and that’s exactly the case with us,” Droom Founder and CEO, Sandeep Aggarwal said,
“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,” he added.
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