Online marketplace for used automobiles Droom on Monday announced the launch of an Internet of Things (IoT) enabled Eco Lab. The startup is planning to leverage this to bring in new innovations for Eco Inspection, which provides inspection services for those purchasing used vehicles.
This Eco Lab will also provide other services in large fleet management.
Speaking on the launch, Rupendra Singh, Vice President of Certification Services at Droom said,
“After setting up the AI lab to evolve orange book value (OBV) and build newer state-of-the-art tools, we wanted to leverage the technologies to innovate our Eco Inspection tool further. Our aim is to keep our customers free from the stress of dealing with strangers when buying used vehicles.”
In an official statement, the company said,
“At the Eco Lab, we are constantly evolving and bringing forth newer innovations in Eco Inspection using AI technology, and On-board diagnostics (OBD) devices for an extensive car check-up. We ensure that only the best of professionals go on to provide the services.”
Founded in April 2014, the Gurugram-based company promised that buyers will not only get vehicles at a low-price but also receive an all-inclusive report of it. So far, Droom has inspected over 90,000 vehicles across 800 cities and targets to achieve 7, 50,000 inspections by the end of 2019.
It has employed more than 5,000 ‘Eco Ninjas’ who are technicians working on the inspection. The startup claims that it follows an extensive verification and background check before technicians are certified. In addition to this, technicians are trained for 10 to 15 days.
Droom claims to be the third largest ecommerce company in the country with over 80 percent market share in online automobile transactions, and the biggest auto-dealer platform in the world.
Having raised close to $125 million in over six rounds of funding, its investors include Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management, and Family office of Japan-based investor Joe Hirao.