Online marketplace for pre-owned automobiles, Droom has rasied $20 million in series C round led by Integrated Asset Management. The round also followed the participation of existing investors (Lightbox, Beenos, Digital Garage and Beenext) along with new institutional investors from China and Japan.
This is the fifth round of investment for Droom. With this latest round, the company’s total funding stands at $65 million and the fresh capital will be used to build its tech platform and beef up its presence in the market.
As per company’s profile, Droom currently has 47,000 business-to-customer sellers (B2C), 23,600 products and 57,000 listings on its platform. Company also claims that it had 3,500 transactions in April.
It targets to expand to 200 cities by 2017. The company expects to launch its international operations in Indonesia by October, to be followed by launches in Malaysia, Thailand and Philippines.
Last year, Droom raised nearly Rs 200 crore from Beenext and Digital Garage. Prior to that, it had raised seed funding of $1.5 million and $4 million in May and October 2014, respectively, followed by Series A round of Rs 100 crore in June 2015. While the Singapore-based Droom raised the last funding amount of Rs 100 crore in July 2015 in a round led by Lightbox
Sandeep Aggarwal, founder and CEO of Droom said, “ It expects to clock a revenue of Rs 175 crore by March 2018 and targets profit by the middle of the next year. The company is also looking at listing on Nasdaq by the middle of 2019.”
Founded in April 2014, Droom competes with the likes of CarTrade, CarDekho, Truebil, Zoomo and Carwale including others. Droom was started by Sandeep Aggarwal after he quit ShopClues, the e-commerce marketplace which he founded, in 2013 when he was arrested for insider trading in the US.
In the space of auto classified web portals, USA, China and Australia have a plenty of start-ups doing multi-billion dollar of business but according to KPMG report, BRICS countries will be going to dominate the global car market by 2020.