Droom, All set to go Vroom!

 Founded by Sandeep Aggarwal of Shopclues.com in April 2014, Gurgaon-based startup Droom, is an online marketplace for buying and selling, old and new automobiles. Moreover, it is the only marketplace in India that follows all four models of operation i.eB2B, B2C, C2C, C2B. You can also avail automobile services via its online platform and a dedicated app.

Recently, it has raised an undisclosed amount of funds in Series B round, which was led by BEENEXT of Singapore and Digital Garage of Japan. Though, its existing investors LightBox Ventures and Beenos provided funding in this round. It has also gained funds from new investors from Japan and China. The new funds are higher than the funds raised in Series A round. Earlier, it was reported that Droom was about to raise funds over INR 200 Cr.

Droom has big rivals like OLX, Quikr, Carwale, Cardekho.com. Hence, the funds will be utilized to survive by improving its position in the market, make the platform easily accessible and for expanding its services internationally, particularly in Southeast Asia (Singapore, Vietnam, Malaysia, Philippines etc).

The 150 member Droom team is also working on developing a Car history repository called Droom History, which would  be similar to US-based CARFAX. Besides, it had launched India’s first C2B (Consumer to Business) marketplace –Quicksell, last September.

Other than Droom, BEENEXT has invested in more than 40 Indian startups. So it’s time to wish Droom a good future ahead!

Takeaways:-

• Droom has raised an unrevealed amount in its series B round of funding from BEETNEXT and Digital Garage.
• The funds will be utilized to survive by improving its position in the market, make the platform easily accessible and for expanding its services internationally.