Droom Technology, an online martketplace to buy and sell cars has raised an amount of $30 million (about Rs 221 crore) in Series E funding round. The round was led by family office of Joe Hirao, the founder of ZigExN, the Tokyo-headquartered company that owns and operates a number of content-focused websites.
The name of the second backer was not disclosed. The company plans to use these funds to further ramp up Droom Credit, its fin-tech product launched last year, and which provides auto financing to, both, dealers and buyers in the used car and bike segment.
“The latest round of fund will help us in our expansion goals and, accomplishment of our growth objectives and scaling up our technology to build efficiency. A substantial portion will also go towards building up Eco, the company’s automobile inspection services,” Aggarwal stated.
Droom’s existing investors did not participate in the latest round of funding. The company is expected to enter the Malaysian and Thai markets by the end of the calendar year. Droom reported revenue of $11 million in financial year 2017-18, up from $3.8 million in the previous fiscal.