Within five months of raising $30 million Series D round, online automobile marketplace Droom has raised another round of $30 million led by the family office of Japan-based investor, Joe Hirao.
The Sandeep Aggarwal-led company will use the Series E funds to strengthen the platform and offerings like inspection and its credit services called Droom Credit. Besides, the firm is also looking to invest in IoT for its ECO segment and Blockchain for the credit facilitation services.
The company is aiming to expand its operation in 100 more Indian cities and planning to launch International operations by 2018 starting with Thailand and Malaysia.
The latest round also brings good news for ESOPs holders as the company is looking for a buyback plan with Rs 50 crore in its kitty. According to Aggarwal, the company will buy shares from over 60 employees, and it will get materialised before Diwali.
Speaking to PTI, Aggarwal revealed that the company has an annualised gross merchandise value (GMV) run rate of $750 million and are doing $20 million annual revenue run rate.
The IPO-bound company further aims to double the GMV to $1.4 billion by end of 2018 and to $3.5 billion by 2019 and expects to hit profitability by the second half of 2019.
Droom which counts Lightbox, Beenext, Beenos, Toyota Tsusho, and Digital Garage as its major investors, has so far raised about $125 million risk capital.
Founded in 2014, Droom offers a wide range of categories from bicycle to planes and automobile services such as warranty, RSA, insurance, and auto loan.
The platform has over 250,000 auto dealers across 500 cities in India and 27.3 million monthly visitors.