01 Jun. 16, GURGAON: India’s first online automobile marketplace Droom raised undisclosed value of funding from its investors – BEENEXT, Beenos Partners and Lightbox.
The company will use the fresh capital to expand its business in Indonesia and later expand its presence in other South East Asian countries like Malaysia, Vietnam, Thailand, the Philippines and Singapore.
According to sources and reports by ET, Droom founder and CEO – Sandeep Aggarwal said, “The amount raised for the new round of funding is significantly higher than Series A that we raised last year. These markets put together are smaller than India but present a huge opportunity as these are underpenetrated. We expect about 15 per cent of our gross annualised revenue run rate to come from international operations by December 2017.”
“India would remain the large part of our business. Currently, our gross annualised revenue run rate is about Rs 1,000 crore, which we expect will touch Rs 3,000-3,500 crore by March 2017. By March next year, we will have about 250 people from the current 160 people. About 50 per cent of these will be for the product and engineering team, while we will have about four-member teams for each country,” he added.
Droom is India first and mobile first marketplace to buy and sell used and new automobiles. The company was founded in 2014 by Sandeep Aggarwal and is operated by Droom Technology Pvt Ltd. The company is very energetic about making buying and selling experience for automobiles in a hassle-free manner. Earlier, the company had raised funding of $18 million from its investors.