Indian online automobile marketplace Droom raises $20m in Series C round

Sandeep Aggarwal, Founder and CEO, Droom

Online automobile market place Droom has raised an $20 million in its Series C round of funding led by Integrated Asset Management and existing investor Digital Garage.

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.

Existing investors, Lightbox Ventures and Beenos, had also participated in the round along with new institutional investors from China and Japan.

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.

Also Read:

India: Auto platform Droom raises Series B led by Beenext, Japan’s Digital Garage

Exclusive: Auto marketplace Droom in acquisitive mode, eyes SE Asia foray soon

India Digest: Droom eyes $50m funding; Tata Sons to set up incubator

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.