The company aims to double its gross merchandise value to $1.4 billion by end of 2018 and $3.5 billion by 2019
Online automobile marketplace Droom has raised $30 million in its Series E funding round led by the Japanese investor Joe Hirao, founder of ZIGExN.
“The company is aiming for an IPO in Nasdaq by 2020 under Droom Singapore and the international expansions will be under an entity Droom International,” said Sandeep Aggarwal, founder and CEO, Droom.
The funds will be used in Droom Credit, certification services such as OBV, History & ECO and others.
The company is heavily investing in developing Machine Learning and AI capabilities and emerging technologies such as IoT for its ECO segment and Blockchain for its credit facilitation services.
“The latest round of fund will help us in our expansion goals and accomplishment of our growth objective and scaling up our technology to build efficiency,” said Aggarwal.
The company aims to double its gross merchandise value to $1.4 billion by end of 2018 and $3.5 billion by 2019.
For its Diwali offers, Aggarwal said, “There will be multiple offers this year on the platform during this Diwali.”
The company is planning to launch in two international markets-- Malaysia and Thailand at the end of year 2018.In May, Droom had raised USD 30 million in series D, led by Toyota Tsusho Corporation and Japan-based Digital Garage.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.