Online automobile marketplace Droom which was launched in November 2014 by Sandeep Aggarwal (Founder and Ex-CEO Shopclues), has raised Rs. 100 crore in a second round of funding from Lightbox Ventures and Japanese internet firm Beenos. The company plans to expand in to Southeast Asia, namely Philippines, Vietnam, Malaysia, Singapore, and Indonesia by early 2016. Subsequently, it has plans to foray into Europe and US. The firm has raised around Rs 120 crore till now. Further, it is looking forward to introduce 9 automobile categories and 4 service categories related to automobiles.
Gurgaon-based company, Droom is an online marketplace for selling cars and bikes and it operates in 13 different automobile categories including auto services. The company’s sales was Rs. 13 crore in June. “We will end fiscal 2016 with Rs 250 crore in GMV and reach Rs 800-1,000 crore by end of FY17,” said Aggarwal.
The portal which has about 6,500 listings, charges an online fee of about 2 % for customers, with average selling price on the website pegged at Rs 2 lakh. It sells roughly 8-10 cars and 10 to 12 two wheelers per day. Droom has crossed more than half a million internet downloads. The company’s app is available for both Android and iOS users. It competes with companies like Carwale, Cardekho, OLX etc.
“India is the third largest automobile market in the world. So, we want to exploit this opportunity and utilize it for global expansion,” added Sandeep.