Droom Secured $30 million in series D funding from Toyota and others
Gurgaon Based Online Marketplace for used automobiles and auto service, Droom secured $30 million in series D funding from world largest car maker Toyota’s subsidiary Toyota Tsusho Corp was also co-led by Japanese incubator and venture capital investor Digital Garage.
Other investors who participated in the round include existing investors Ellison Investments along with several institutional investors and family offices from China, Hong Kong and South East Asia.
“Droom has seen tremendous growth over the past three and half years in terms of adoption by buyers and sellers, number of categories and listings, geographical presence and GMV of transactions. This partnership (with Toyota) will play a major role for Droom as we realise our growth potential, both in India and internationally,” said Sandeep Aggarwal, Founder & CEO, Droom to ET.
The company claims to generate about $700 million in gross revenue and $15 million in net revenue. The platform has about 250,000 auto dealers across over 500 cities in India.
Droom is India’s first and only online marketplace for buying and selling new and used automobiles. At over 65% of the automobile transactions market share online, Droom is the largest auto portal in India.
Droom is not only the largest online automobile platform in India but also the 3rd largest E-commerce company in India in terms of GMV. The automobile platform is category, seller, price, condition, and geography agnostic.
“We were impressed that Droom has rapidly established its leadership position as the largest online marketplace to buy and sell automobiles in India. We believe that this partnership contributes to the establishment of highly transparent transaction of automotive and the wholesome development of auto market of any developing countries, by combining Droom’s technologically advanced platform and our various automotive business experience of all over the world,” said a spokesperson for Toyota to ET.
Droom is founded by Sandeep Aggarwal – it is a Singapore Holding Company with its subsidiary in India and United States. Droom has so far raised close to $65 million dollars in four rounds of funding. Droom is headquartered in Gurgaon, India with a team size of 280+.
Droom is currently doing $682 Mil+ in annualized GMV growing at the rate of 350% Y/Y, 237K+ auto dealers (largest auto dealer platform in India), presence in 500+ cities across India (largest hyper local marketplace), 31 Mil+ monthly visitors, nearly 7.5 Mil+ app downloads and 5.9 Mil+ Facebook community.