Moneycontrol News
Gurgaon based online transaction platform for automobiles Droom, has raised USD 20 million in Series C funding from Integrated Asset Managment (IAM) and Digital Garage Ventures.
A number of family offices from countries such as Hong Kong, Taiwan and China also participated in the investment round.
With this investment, the company has raised about USD 65 million so far within three years of its existence.
Started by former Shopclues CEO Sandeep Aggarwal in 2014, Droom provides an online marketplace for buying and selling new and used automobiles in three pricing formats—fixed Price, best offers and auctions.
"We will be profitable by first half of 2018. Our burn rate is less than 3.5 percent of the annual gross merchandise value," said Aggarwal in a press conference in the capital today.
The company claims to be currently doing USD 510 million in annualized GMV in transactions.
The company is also planning international expansion. "We'll be expanding in south-east Asia starting with Indonesia this year after Diwali," said Aggarwal.
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