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Automobile Market Space Droom Raises $20 Million

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8 years ago

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Automobile Market Space Droom Raises,Startup Stories,Startup News,Motivational Stories,Startup Stories India,Automobiles portal Droom raises,ShopClues CEO Sandeep Aggarwal,Automobile Market Space Droom,Integrated Asset Management,Droom Raises,latest market news in india

India’s biggest online automobile marketspace Droom raised $20 million in Series C funding round led by Integrated Asset Management and Japan’s Digital Garage.

This funding round for the Gurgaon based startup also saw participation from existing institutional investors including Lightbox Ventures, BEENEXT, Beenos. China’s, Hong Kong’s and Taiwan’s institutional investors and family offices, also participated in this round. Including this investment, the company has raised about $65 million since its launch in 2014.

According to a statement released by the company, the fresh funds will be used to build on its tech platform, develop tech focused acquisitions and strengthen Droom’s brand portfolio. Droom founder, former ShopClues CEO, Sandeep Aggarwal said Droom is the largest auto portal in India in terms of gross revenue, monthly traffic and number of auto dealers. The fresh capital will give them an unchallenged competitive edge in the e-commerce landscape at large and not just in the online automobile space.

The company previously raised Rs. 200 crores from Beenext and Digital Garage last year and Rs. 100 crores in a Series A funding round in 2015. They expect to generate Rs. 175 crores in revenue by March 2018 and are also planning to expand in South East Asia after Diwali this year.

Sandeep Aggarwal has also invested in mobile wholesale market space Wydr and Shopsity, which connects online retailers with customers. Aggarwal also added their long term goal is to be listed on NASDAQ by mid 2019 and are aiming to be profitable by mid 2018.

Jeffery Yam from Integrated Asset Management speaking about the investment said India is the next China in the Internet consumer market and are really impressed by Droom’s ability to drive innovation and create scalable technology platforms. Droom competes against used automobile selling spaces such as Truebil, Zoomo, CarDekho, Carwale and CarTrade.

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