Info-tech

Droom gets Rs 100 cr from Lightbox Ventures

Priyanka Pani Mumbai | Updated on January 24, 2018 Published on July 30, 2015

Online automobile marketplace Droom, which was launched in November last, has raised Rs 100 crore in series A round led by Lightbox Ventures. It had raised an undisclosed amount from BEENOS in the seed round.

The nine-month-old startup, founded by Shopclues' founder Sandeep Aggarwal, plans to use the funds to expand outside India. It will first enter the South East Asian market by early next year. Besides, it will be expanding operations to add 20 automobile and 12 service categories hosting over 50,000 sellers and 200k listings in the next 18-24 months.

Droom is a disruptive mobile first marketplace for automobiles and is present in 13 different automobile categories, including auto services with 1,000 sellers and 6,000 listings. The app is available on Android, iOS and desktop and has already seen over 3,000 successful transactions.

Sandeep Aggarwal, Founder & CEO of Droom, said in a statement: “The automobile market in India is worth $125 billion making it the third largest industry in the world with demand for used cars spanning two-wheelers to luxury cars."

"The current buying traditions however deliver an unsatisfactory and dubious experience devoid of regulation or a scientific approach especially when it comes to buying online. Droom offers an unparalleled advantage for buyers on trust, pricing and selection. For our sellers, we provide low transaction cost, advanced online seller tools and scalable platforms,'' he said.

Sid Talwar, Partner, Lightbox, said, "Droom is finally disrupting an industry where user behaviour hasn’t changed since the advent of the internet in the country. The added bonus for us is that we have worked with Sandeep in the past, know what he’s capable of building, and so excited to be along for another ride!”

Published on July 30, 2015
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