Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas

Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas

SUMMARY

Indian online automobile marketplace Droom has acquired AR startup Visiolab Ideas for an undisclosed amount

The acquisition will help Droom leverage technologies such as augmented and virtual reality to delivery a better customer experience

Visiolab’s two founders will join the Droom team as part of the acquisition

Indian online automobile marketplace Droom, on Thursday (October 1), announced that it has acquired Delhi-NCR based augmented reality (AR) startup Visiolab Ideas for an undisclosed amount. 

With the acquisition, Droom will look to leverage technologies such as artificial intelligence (AI), AR, virtual reality (VR), machine learning and big data to offer a better customer experience on its automobile commerce platform. One of the ways this will be done by introducing a live virtual tour of vehicles for customers, who will be able to experience the same in 3D as well. With the Visiolab acquisition, Droom will launch an AR/VR lab to enhance the customer experience. Visiolab founders Navdeep Singh (CEO), Sahil Sethi (CTO), will join the Droom team. 

“At Droom we have built Industry-leading technology-focused products like OBV, Eco, Droom History, Droom Discovery, and Droom Credit for bridging the gap in buying and selling vehicles online. This acquisition will further enhance our capabilities in offering delightful customer experiences and a completely online vehicle buying experience,” said Akshay Singh, chief strategy officer, Droom. 

Droom is an AI and data science-driven online transactional platform for used automobiles, ranging from bicycles to aeroplanes. It has four marketplace formats — B2C, C2C, C2B, and B2B — and three pricing formats — Fixed Price, Best Offer, and Auction. Droom also offers other automobile-related services such as insurance, loan and warranty. 

Droom claims to have a presence in more than a thousand Indian cities, with more than 45 Mn monthly visitors, 12 Mn app downloads, and 6.5 Mn Facebook followers.

Droom is headquartered in India with subsidiaries in the US. The company has so far raised close to $125 Mn over six rounds of funding. Some of its prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management.

“Augmented Reality is the future, not just in the automotive sector, but for education, healthcare, and almost all of the major fields in the market. That is what got us in this field and gave us the motivation to develop the technology that could bring the showroom experience to your doorstep, in the comfort of your homes,” said Navdeep Singh, founder and CEO, Visiolab.

Visiolab Ideas is a technology and an innovation-oriented company which looks to leverage augmented reality (AR) and related technologies in various sectors such as education, healthcare and ecommerce, among others. The company competes with SmartVizX, Rizort and Scapic, among other Indian startups in the AR segment. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas-Inc42 Media
Online Marketplace Droom Acquires Augmented Reality Startup Visiolab Ideas-Inc42 Media
You’re in Good company