Online automobiles marketplace Droom has raised $30 million in Series E round of funding. The funding round was led by the family office of Japan-based investor Joe Hirao. Another Japan-based family office also participated in the round, however the company has not revealed the name of the fund.
The company will use the fresh capital to boost its credit services to buyers and dealers. The company will also use the funds to improve its machine learning and artificial-intelligence capabilities for its products.
“Over the past 4 years, Droom has established itself as the unchallenged leader in the online automobile transactional platform and the continued faith of global investors underlines this success. The current series E funding gives an immense fillip to us as we aim to simultaneously strengthen and diversify our services such as inspection, Droom Credit, C2C and C2B marketplace formats, enable a smooth online transaction and provide more competitive terms and interest rates to customers through Droom Credit,” said Sandeep Aggarwal, Founder and CEO, Droom.
Sandeep Aggarwal added, “The latest round of fund will help us in our expansion goals and, accomplishment of our growth objectives and scaling up our technology to build efficiency. We are thankful to our investors who always believed in Droom and supported us relentlessly.”
Droom was founded by Sandeep aggarwal in 2014. It is an inline markeplace for automobiles. It allows users to buy and sell new and used automobiles. It has four marketplace formats i.e. B2C, C2C, C2B and B2B, and three pricing formats – Fixed Price, Best Offer and Auction. It uses data science to build trust at scale with a US Patent technology called Full Circle Trust Score. It has also built the de-facto pricing standard for used vehicles in India – OBV. It is head quartered in Gurgaon, India with a team size of 281+.
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