Droom, the Gurugram, India based online automobile marketplace startup in India has reached Unicorn status after its latest pre-IPO venture funding rounds. Its current valuation sits at $1.2 billion, making it the 17th Indian startup to become a unicorn this year.
Droom -About The Company
Founded by Sandeep Aggarwal in 2014, Droom facilitates end-to-end buyer-seller transactions of vehicles. As a modernized automobile marketplace, Droom offers a diverse selection of vehicles coupled with affordable pricing, transparency, trust and convenience, making it the true 21st-century shopping experience. The platform allows individual buyers and sellers, dealers, and large enterprises to not only buy and sell vehicles but also assist in entire life cycle management and all automobile auxiliary services. It is a holistic online automobile platform that allows users to take their entire vehicle purchasing experience online.
As a leading online automobile platform, Droom sets a certain standard for the application of technology as well as trustworthiness. The innovative company is driven by AI and Data Science technology and has specifically focused on the used vehicles trading sector on their platform, with multiple digital procedures to facilitate their sales.
Droom caters to private buyers and sellers as well as industries and professional vehicle dealers. By bringing in all individuals under the automobile network, their online platform provides vehicle solutions to all supported by their extensive use of technology to assist these processes.
Droom caters to all manner of transactions, with most of its business contained in B2C(business-to-customer) services. They also facilitate B2B, C2B and C2C trading. Users are attracted to the company for a multitude of reasons, broadly classified into its tech-driven nature and trustworthiness.
They offer a vast selection of options at low cost, a vast range of E-Commerce services, transparency and trustworthy purchases via their platform. They also offer a modern experience of automobile buying and selling, thanks to their array of tools to help users choose and be informed of their choices.
Orange Book Value (engine for pricing used vehicles), Eco (1,000+ points vehicle inspection), History (records for used vehicles), Discovery (pre-buying and selling tools) and Credit (India’s first and only marketplace for a used auto loan and dealer financing) function together to facilitate seamless online used vehicle purchases in the digital space.
Growth And Investments
Since its inception in 2014, Droom has grown to contain a listed inventory of $14Bn+ from over 20000 Auto Dealers and presence in 1,091 cities, totalling up to over 600,000 automobiles to trade on their platform. Droom has over 6.5 Million Facebook followers and its platform is visited by over 35 million people monthly, making it the largest auto-focused community in India. They are currently growing 100% year over year.
The company has had a total of $333 million raised over 8 rounds and has also made plans to go public next year. Their latest pre-IPO venture round of funding attracted $200 million, with 57 Stars being the lead investors. They are also backed by Toyota Tsusho, Ellison Investments, Digital Garage, Seventrain Ventures and others.
Following their post-Covid recovery, the company has announced plans to go public. Their latest funding will bolster their presence in India’s top 100 cities, and support their last-mile delivery services. The company aims to increase digital penetration in the automobile sector, and expand their litany of services provided to customers. The long term goal is focused on modernizing this sector, allowing users to have a truly digital experience.
Discussion about this post