Moneycontrol
May 17, 2018 04:11 PM IST | Source: Moneycontrol.com

Droom raises $30 million in Series D round funding

The company also signed an MoU with Toyota Tsusho Corporation for expansion in South East Asia

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Droom, an automobile marketplace, has raised USD 30 million in Series D, led by Toyota Tsusho Corporation and co-led by Digital Garage of Japan.

The funds will be used to further strengthen Droom's domination in the online automobile marketplace segment in India. It will also invest in further developing its Machine Learning and AI capabilities.

The company also signed an MoU with Toyota Tsusho Corporation for  expansion in South East Asia.

It claims to acquire 70 percent of the online automobile market share in India, generating close to USD 700 million in gross revenue and USD 15 million in net revenue with the listed GMV of USD 3.5 billion in past three years.

The company aims to double its gross merchandise value to USD 1.4 billion by end of 2018 and USD 3.5 billion by 2019. The company plans to go for an IPO by end of 2019.

"We are targeting emerging international market and selected nine countries which at least have 25 million internet users," said Sandeep Aggarwal, founder and CEO, Droom.
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