The round also saw participation from a number of institutional investors and family offices from China, Hong Kong and Taiwan, along with existing investors Lightbox, Beenext and e-commerce operator Beenos.
With this latest round, the company’s total funding stands at around $65 million so far, according to a statement.
“India is the next China as far as consumer internet is concerned. We are really impressed by Droom’s ability to drive innovation, create scalable technology platforms, and capture the growth of the Indian automobile industry. Droom creates value for the industry by directly addressing and solving common pain points experienced by buyers and sellers,” said Jeffrey Yam, principal, investments at Integrated Asset Management.
“Series C rounds typically accelerate the pace of growth for a business and help it establish its undisputed leadership in its sector and that’s exactly the case with us. This fresh capital infusion into our war chest will once and for all give us an unchallenged competitive edge, not just in the online automobile space but in the e-commerce landscape at large,” said Droom Founder and CEO, Sandeep Aggarwal.
In June last year, Droom had announced raising undisclosed amount in its Series B round led by Singapore’s Beenext and Japanese incubator and Digital Garage.
The funds were to be used for its planned expansion into southeast Asia later this year apart from strengthening its platform and presence in India.
Commenting on new fundraise, Siddharth Talwar, co-founder & partner, Lightbox said, “the company’s focus on building core technology products to support its marketplace from its pricing engine Orange Book Value to Droom History to ECO and now Credit, enables them to provide tremendous transparency to consumers throughout the country -which can never be duplicated by traditional dealers,”
Founded in April 2014, Droom is a marketplace for new and used automobiles and services competing with the likes of CarTrade and CarDekho.
Prior to the Series B round, which was reported to be around $30 million, Droom had raised $16 million in three rounds including two tranches of seed funding.
Hong Kong-based Integrated Asset Management (Asia) Ltd is a private investment office that principally invests across the capital structure. The investment ranges from private debt, buyouts, venture capital, listed securities and real estate.