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Droom Forays Into New Automobile Trade, Launches Initiatives To Lure Users During Festive Season

Droom Forays Into New Automobile Trade, Launches Initiatives To Lure Users During Festive Season

Gurugram-based online automobile transactional marketplace, Droom has announced its foray into the new vehicles’ segment.

Founded in 2014 by former Shopclues CEO, Sandeep Aggarwal along with Rishab Malik, Droom allowed users to buy and sell used automobiles. It is a mobile-first marketplace with a presence on three platforms i.e. Android, iOS and desktop.

Sandeep Aggarwal, founder and CEO, Droom said, “Earlier we wanted to focus on the used-vehicle segment and change the way it functions through the use of digital tools. In the same vein, we want to now create a paradigm shift in the still conventionally-run new vehicle sector and bring about a positive disruption for the benefit of the end consumer.”

Already established as a used-vehicle buying and selling platform, Droom’s new vertical launch right before the festive season will bolster its position as a one-stop-shop for buying and selling automobiles.

Along with the launch of the new category, Droom is introducing new initiatives like a bank loan (up to 50% of vehicle value pre-approved), door-step test drive etc. Droom has also tied up with major brands such as Nissan, Chevrolet, Skoda, Mahindra, and Hero Electric.

According to a company statement, Droom currently has over 74K+ B2C sellers, 25K+ products, 102K+ listings. It also claims to have a listed GMV of $796 Mn. It claims to have sold 30K used-vehicles till date.

Earlier this year in June, Droom had raised an undisclosed amount in its series B round of funding led by Singapore-based early stage tech fund BEENEXT, and Digital Garage of Japan. Existing investors LightBox Ventures and Beenos also participated in the round.

In August, it launched an OrangeBookValue (OBV) destination website, on its Android and iOS apps, multiple partnerships and third-party web publishers’ widget. OBV allows users to measure the fair market value for any used automobile, with the help of basic parameters like make, model, year, trim, and kilometres driven.

Other players in this segment include OLX, Quikr, Carwale, Cardekho.com, Spinny, and Zoomo, among others.

Author

Aparna Mishra

Inc42 Staff

After a 2-year-stint at Ernst & Young, Aparna moved to Journalism. Her prior experience enables her to understand business management. An avid reader and a traveller she hopes to gain insights on the startup ecosystem at Inc42.

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