Eyes NASDAQ listing by 2020 while focusing on international expansion & strategic collaborations
Droom, Indian online automobile transactional marketplace further cementing its position as a largest online automobile platform by registering a whopping $1 billion run rate in annual GMV for the year 2018. Droom also amassed a net revenue run rate of $25 million, registering a 147% increment in comparison to the net revenue in 2017.
With a targeted $2 billion GMV in 2019 and a net revenue goal of approximately $50 million, Droom has already geared up to leave behind the milestones it achieved in the year gone by and is all positive to achieve even greater success in the upcoming months. Additionally, consumer traffic increased substantially for Droom in 2018 by 53% as compared to the last year, from 248 Million to 380 Million visitors.
Commenting on the achievement, Sandeep Aggarwal, Founder and CEO, Droom remarked, “This was our biggest year in terms of scaling our business to new heights and launching so many innovative products such as Quicksell, Droom Credit, Droom Plus, new vehicles sales and expanding our operations internationally. As we bring synergies to our vast portfolio of products, tools and services, Droom is positioned to deliver hyper-growth for years to come.”
While Droom continues to make a strong case for its international operations especially in the South Asian market through a partnership with brands such as Toyota Group, it is also increasing its internal network of auto dealers. The numbers increased from 2.15 lakh in 2017 to 2.71 lakh in 2018, and Droom expanded its operations from 493 cities last year to 735 in 2018.
Listings on the platform increased by 39% in the last 12 months, from 6.21 lakhs to 8.65 lakhs. Listed GMV increased by 176% from Rs 18,000 crore to Rs 48,000 crore. The number of vehicle categories offered by the platform also increased from 38 in 2017 to 50 in the year. Alexa ranking for the brand also saw a steep jump from 319 in 2017 to 78 in 2018, making Droom the most visited auto platform.
Source: BW Disrupt