Online automobile market place, Droom has just raised Rs 100 crore from Mumbai-based LightBox Ventures & Japanese internet firm Beenos.
Ex-Shopclues CEO, Sandeep Aggarwal founded droom in April 2014 in Silicon Valley. Droom is India’s mobile marketplace to buy and sell new and used automobiles.
As per the company, Droom has a team of 50+ in offices in Gurgaon (India) and Silicon Valley (USA).
Prior to Droom, Sandeep founded ShopClues.com, India’s first and largest managed marketplace in his house in Silicon Valley in late 2010 and in August 2011 moved to India and led a team of three other team members to launch ShopClues.
Sandeep Aggarwal said “Automobile is a $125bn annual industry in India including $100bn in automobile transactions and $25bn in automobile services (e.g. insurance, auto inspection). As per our estimates nearly 50 million vehicles are sold in India annual including 30 million used vehicles, making India the 3rd largest automobile industry in the world. In 2012, India hit the inflection point, wherein the used automobile market became larger than new automobile market. Nearly 25 percent of households in India have two wheelers and only 5 percent have cars – so per capita automobile availability is really low. However, India is among the fastest growing automobile counties in the world. We expect the secular adoption of automobiles to continue to take place at least for the next decade and a half. However, more than 65 percent of cars sold in India have tampered odometers and more than 25 percent have some serious issues such as engine or flood damage etc. These are not known to the buyer and 1 out of every 10 vehicles does not possess authentic paperwork and documentation”.
Droom operates in 13 different automobile categories including auto services with 1000 sellers and 6,000 listings.