The round also saw participation from Ellison Investments, an Asia-based investment manager, existing investors and a number of institutional investors and family offices from China, Hong Kong and Southeast Asia, according to an official statement.
Founded in April 2014 by former Shopclues founder Sandeep Aggarwal, Droom is a marketplace for new and used automobiles and services and competes with the likes of CarTrade and CarDekho.
Proceeds from the latest funding round will be used to strengthen its domestic operations as well as to facilitate its long pending plans to expand internationally. The tech-led platform will also invest heavily in further developing its machine learning and AI capabilities, per a company statement.
Droom also signed an MoU with Toyota Tsusho Corporation to expand internationally in Southeast Asia. In an interaction with DEALSTREETASIA last year, Aggarwal had said that as part of its international foray, Droom plans to first launch operations in Indonesia, Malaysia, the Philippines, Thailand and Singapore.
The latest funding round comes less than a year after the Gurgaon-based firm raised a $20-million Series C round led by Integrated Asset Management and existing investor Digital Garage. That round also had also seen the participation of a number of Asian institutional investors and family offices, along with existing investors Lightbox, Beenext and e-commerce operator Beenos.
With this latest round, the company’s total funding stands at around $95 million so far.
The company claims to generate close to $700 million in gross revenue and $15 million in net revenue with close to 250,000 auto dealers in more than 500 cities across India on its platform and 27.3 million monthly visitors.
It aims to double its gross merchandise value to $1.4 billion by end of 2018 and $3.5 billion by 2019. Droom plans to go public by the end of next year.
“On the backdrop of Droom’s upcoming international expansion, we are excited to partner with Ellison Investments for helping us expand our investor base in Asia,” said Aggarwal.
He further said the partnership with Toyota Tsusho will play a major role in realising Droom’s growth potential, both in India and internationally.