India's First Mobile Marketplace for Used Vehicles Droom Secures Funding

Bengaluru: Droom, a Delhi-based online marketplace for automobiles, raises Rs.100 crore in a funding round led by Lightbox Ventures and Japanese Internet firm Beenos. The company plans to utilize the funds to expand its areas of operation throughout India and also overseas. Prior to this, the company had also raised $2 million in June last year.

Sandeep Agarwal, the Founder & former CEO of Shopclues, founded Droom in 2014. Droom is India’s first mobile marketplace for buying and selling used and new vehicles. It has over 6500 listings on its portal, with an average listing prized at around Rs.2,00,000. The company also conducts online auctions of automobiles on its website, where the users can place their bids and participate in the auction.

Currently, the company offers its services in 13 different automobile categories and claims to have handled over 3000 transactions till date. It has also enlisted up to 1000 sellers, offering 6,000 listings and plans to increase it to 50,000 sellers and 200,000 listings in the next two years.

 

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