Droom Unveils New Products For Used Car Industry, Other Sectors

Used car marketplace Droom has unveiled a suite of products aimed at transforming the used car industry as well as other sectors. 

The startup launched the four new products – MyDroom, AdReach, goDigital, and Chairman Club – on the occasion of its 10th founding day anniversary. In a statement, it said that the new products are aimed at empowering consumers, businesses, and dealerships with comprehensive solutions for every stage of the car ownership journey.

Here are brief details about the new products:

1. MyDroom: It is an AI-powered app for car management. It offers a personalised dashboard, smart diagnostics with proactive alerts, effortless tracking of service schedules and renewals, seamless expense management, secure document storage, and multi-car management capabilities. 
2. AdReach: It is a performance-driven marketing platform that uses technology and data to help both web publishers and advertisers. It helps publishers earn more from ads and gives advertisers better targeting and results. 
3. goDigital: It is an easy-to-use e-commerce platform that allows businesses of any size to create their own website and app. 
4. Chairman Club: It offers a range of automobile services, including procurement of used vehicles, dealer financing, digital marketing tools, and professional services like GST and taxes, providing dealerships with the necessary resources to excel in the competitive used car market.

Commenting on the launch of the new products, Droom founder and CEO Sandeep Aggarwal said, “… With these four products, we are expanding Droom’s charter not only while a transaction is happening but entire lifecycle management and helping enterprises, OEMs, dealers, and advertisers not only on the Droom platform but beyond Droom platform too,” said Sandeep Aggarwal founder and CEO of Droom in a statement.”

Founded in 2014 by Aggarwal, Droom offers an ecommerce platform which connects used car dealers with customers. The startup also provides financing through its tie-up with banks and NBFCs.

Since its founding, Droom claims to have sold 580K automobiles worth $7.3 Bn. It has a presence in 1,176 cities and boasts 16 Mn app downloads. 

Droom India’s net loss narrowed 55% year-on-year to INR 62.1 Cr in the financial year 2022-23 (FY23), while operating revenue declined 34% to INR 253.2 Cr. 

Last month, the startup raised an undisclosed amount of funding from rapper Badshah.