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Droom raises $30 million from Toyota, Digital Garage, others

Press Trust of India  |  Mumbai 

Online automobile marketplace today said it has raised USD 30 million in Series D funding round, led by Tsusho Corporation, a Group firm, and Japan-based

The funding round also saw participation from Asia-based Ellison Investments, along with many existing investors and prominent institutional investors and family offices from China, Hong Kong and Southeast Asia, according to a company release.

"The funds will be used to further strengthen Droom's domination in the in India, as well as to make its more scalable and to expand its international presence," it said.

The also plans to invest heavily in developing its and artificial intelligence (AI) capabilities.

The company said it plans to go for an initial public offering (IPO) by the end of 2019.

Meanwhile, also signed a memorandum of understanding (MoU) with Tsusho Corporation to expand international presence in Southeast

In the past three years, the company claims it has acquired 70 per cent of the domestic online automobile market share, generating close to USD 700 million in gross revenue and USD 15 million in net revenue, with the listed gross merchandise value (GMV) of USD 3.5 billion.

It has close to 2.5 lakh auto dealers on its platform and 27.3 million monthly visitors.

"has seen tremendous growth over the past three and half years in terms of adoption by buyers and sellers, number of categories and listings, geographical presence, and transactions. It has changed how automobiles are bought and sold online by creating robust tech and AI bases ecosystem services tools," said Sandeep Aggarwal, founder and chief executive officer, Droom.

The company had raised USD 20 million from Integrated Asset Management and last July. Since its launch in 2014, it has raised more than USD 90 million in external funding.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 15:20 IST