Companies

Droom raises Series E funding of $30 million

Our Bureau New Delhi | Updated on October 04, 2018

Online automobile marketplace Droom said it has raised $30 million (over ₹200 crore) led by the family office of Japanese investor Joe Hirao, Founder of ZIGExN.

The fresh round of funding comes just four months after its Series D funding of $30 million from a consortium led by Toyota Tsusho Corporation and Digital Garage of Japan. With this, the total funds raised is $125 million.

The funding will be used to strengthen Droom Credit, to bolster its doorstep pan India inspection services, certification services ECO, OBV and History and its C2C and C2B marketplaces.

To further strengthen its dominance in the online automobile marketplace segment, Droom will focus on scalability of its financial offerings, inspection and marketplace formats beyond B2C. The tech-led platform will also invest heavily in further developing its Machine learning and AI capabilities for its vast portfolio of products.

Besides this, Droom is also looking to invest in advanced, emerging technologies such as IoT for its ECO segment and Blockchain for its credit facilitation services.

Sandeep Aggarwal, Founder and CEO, said, “We have established separate entity Droom International for expansion in South-East Asia.” The company will launch its services in Malaysia and Thailand by 2018 end as its wholly-owned subsidiary. Domestically, it will expand in 100 more cities in India.

On the IPO front, Aggarwal said that at the net revenue of 20 million and annualised gross merchandise value to $815 million, the company has reached the scale for IPO. “The IPO will be for the parent company Droom Singapore in NASDAQ by 2020,” he added.

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Published on October 04, 2018
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