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2Mar By AdityaNo Comments

News

Droom Set to Hire 500 Employees in 2019

India's online car&bike selling company Droom is looking to hire as many as 500 employees in 2019. One of the leading car&bike selling platforms in India, Droom has registered strong growth numbers while aggressively marketing its brand to users across the country. Now, the company hopes to take next stride with its latest hiring announcement. It aims for expansion and diversification journey, evolving newer and more evolved products as well as services. The hiring will be done from senior to middle level positions and across multiple domains such as AI, Product, ECO and Droom Credit. It is looking to hire its owned and operated fleet of ECO Technicians named ECO Ninjas. They will provide vehicle inspection services at door step. Droom aims to reach 1000+ inspections per day...

6Oct By Gauri SinghNo Comments

FUNDING

Top Five Funding News of the Last Week (1st Oct – 6th Oct)

Funding is an important and vital part of businesses these days. Through funding, businesses expand aggressively in the market and give a fight to the other competitors in the space. The company that raised the maximum funds this week was Droom that raised an amount of $30 million. This week was very eventful in terms of fundraising as many companies raised funds for various purposes and also various backers participated in this funding week. Here we have the list of top five funding activities of the week. 1. VAHDAM TEAS An Indian online tea brand called Vahdam Teas has reportedly raised funds amounting to $2.5 million (Rs 16 Crore) in its third institutional round of fundraising. This round was led by existing investor Fireside Ventures. With thi...

Droom Technology Raises $30 million in Equity Financing

5Oct By Gauri SinghNo Comments

FUNDING

Droom Technology Raises $30 million in Equity Financing

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 comp...

20May By Sheldan RungasamyNo Comments

FUNDING

Startups Who Got Funded Last Week

This week featured 9 funding articles amounting to $61.7 million (Rs 410 crores) (excluding two companies as their funding sum was undisclosed). FreightBazaar FreightBazaar, India’s first online portal for truck hiring intended for businesses, recently raised a pre-Series A funding round with Omphalos Ventures India leading the funds of an undisclosed amount. The funds raised will serve the purpose of scaling up operations and expanding its business to several new cities, while also improving its technology to facilitate processes and procedures. Clarity Communications Clarity Communication, a startup focused in PR and celebrity endorsement raised an undisclosed amount of funding from Atraxn Partners. The funds will serve to f...

17May By Sheldan RungasamyNo Comments

FUNDING

Droom Raises Colossal Funding from Toyota

Droom, the automobile marketplace recently raised a Series D funding round of $30 million with Toyota Tsusho Corporation (TTC), daughter company of Toyota Group Corporation, leading the investment round. Existing investor Digital Garage and four additional new investors from Hong Kong also participated in the funding round. The deal is a memorandum of understanding with TTC to expand operations in overseas market, with Toyota’s inventory as primary asset for expansion. This is the fifth round of funding that Droom is benefitting from, amounting to a total of $95 Mn since its founding. The company is set for its IPO by 2019. The previous round of funding of Droom happened in July 2017 when it raised $20 Mn from Digital Garage and others. In June 2016, it raised $25 Mn from Beenext and...

Droom is All Set to Double its Annual Sales

12Apr By Sheldan RungasamyNo Comments

News

Droom is All Set to Double its Annual Sales

Droom, India's first and leading online marketplace to buy & sell second hand vehicles is on the verge of doubling its annualized sales and gross merchandise value (GMV) from Rs 4,000 crores to Rs 8,000 crores by the end of 2018. The company also revealed that it is targeting Rs 275 crore of net revenue for 2018 and Rs 700 crores for 2019. The hike of Droom’s gross revenue growth is mostly attributed to the fact that it offers a customer-to-customer selling platform, as well as an adoption of ecosystem services tools and bulk buying of vehicles to ultimately resell them to ride sharing companies. The platform boasts four different revenue streams, which will allow Droom to achieve its set revenue target. For example, the platform receives revenues from its selling of used and ...

6Jul By AdityaNo Comments

FUNDING

Droom Raises Rs 130 Crore in Latest Funding Round

Online automobile e-commerce platform Droom has raised USD 20 million (nearly Rs 130 crore) in latest funding round led by Integrated Asset Management (IAM) and existing investor, Digital Garage. The fifth round of funding also saw participation from other existing institutional investors Lightbox, Beenos and Beenext. "The funds will be used to strengthen the technology platform, tech-focussed acquisitions and strengthen Drooms brand portfolio," Droom founder and CEO Sandeep Aggarwal told reporters here. Droom has so far raised USD 65 million, including from the latest instalment. Aggarwal declined however to comment on the valuation of the company. "We still have funds in bank from our last round. However, the excess capital will help drive growth," he said. Besides, the compa...

ShopClues Founder Aggarwal Files Defamation Case Against Wife, Co-founder Over Role Downplay

14Mar By Press Trust of IndiaNo Comments

News

ShopClues Founder Aggarwal Files Defamation Case Against Wife, Co-founder Over Role Downplay

NEW DELHI: ShopClues co-founder Sandeep Aggarwal today said he has filed a criminal defamation case against other co-founders -- Sanjay Sethi and estranged wife, Radhika -- in Delhi courts earlier this month alleging them of downplaying his role in creation of the online marketplace. The statement, issued by Sandeep's press team, comes a day after he made several allegations against Radhika in a series of Facebook posts. ShopClues was valued at over USD 1 billion last year. Its investors include GIC Pte Ltd, Tiger Global Managment LLC and Nexus Venture Partners. Apologising for the emotional outburst on social media and saying such acts will not happen again, the statement said, "Sandeep has been wronged on multiple counts by people he trusted the most. He is deeply hurt and while...

19Jan By NitishNo Comments

BUSINESS

Droom Expects Rs 75 Cr Revenue in FY’17

Droom, an online marketplace for automobiles, expects to close this fiscal with a revenue of Rs 75 crore on the back of strong sales on its platform for both new and used cars. Droom is expected to touch net annual revenues of Rs 60-75 crore by March 2017 with an annualised GMV in the range of INR 2,500-3,000 crore, Droom said in a statement. Droom is eyeing net annual revenues of Rs 125-150 crore by December 2017, it added. "The company is targeting annualised GMV of INR 4,500-5,000 crore and net annual revenues of Rs 125-150 crore by December 2017, as it ramps up its operations to firmly consolidate its position as the best brand in the Indian online automobile market space," it said. It added that orders placed through the platform grew from 8,232 units in 2015 to 49,974 uni...

Droom Launches Droom History- India’s First Platform Which Provides Used Vehicles Data

23Dec By AdityaNo Comments

News

Droom Launches Droom History- India’s First Platform Which Provides Used Vehicles Data

In a move that once again underlines its pioneering status in the country’s automobile industry, Droom, India’s pioneering online automobile transactional marketplace, has announced the launch of Droom History. Droom History is an unbiased report which curates historical data available through various authorised data providers to deliver in-depth information about a vehicle’s background. Generated using Droom’s proprietary technology, the report will address issues related with a vehicle’s safety, trust, and value. Speaking on the launch, Sandeep Aggarwal, Founder & CEO, Droom, said, “Unlike USA and Western Europe, India is a low trust market, especially for used automobiles. Many aspects of a pre-ownedvehicle, such as ownership history, title dispute, and vehicle-related issues, ...

Droom Announces Budget of Rs. 100 Crore For Marketing

1Sep By PriyankaNo Comments

News

Droom Announces Budget of Rs. 100 Crore For Marketing

India's pioneering online automobile transactional marketplace Droom is geared to launch a mega promotional campaign with a budget of Rs. 100 crore. The new campaign is being launched for television, YouTube, print, digital and social media and will also be seen outdoors on billboards and external installations. The entire campaign is designed to drive traffic and increase consumer awareness and to enhance the sense of pride amongst Indian consumers when it comes to buying a pre-owned vehicle. Droom, which has reported more than 700 percent year-on-year revenue, plans to adopt an aggressive performance-linked marketing approach which will see country-wide spread of the advertisements. Automobiles, being a big-ticket item, have a significant gestation period which may last from a mini...

1Jun By PriyankaNo Comments

FUNDING

Online Automobile Marketplace Droom Raises 200 Crores Funding

Online automobile marketplace Droom today said it has raised an undisclosed amount from BEENEXT, Digital Garage and other existing investors to expand its presence in the South East Asian countries like Indonesia. However, according to sources, Droom has raised nearly Rs 200 crore in this round of funding. The company will also use the proceeds of the Series B funding to expand its domestic operations and strengthen its technology platform. "The amount raised for the new round of funding is significantly higher than Series A that we raised last year," Droom founder and CEO Sandeep Aggarwal told reporters. He declined to comment on the funding raised and the valuation of the company. Previously, Droom has raised seed funding of USD 1.5 million and USD 4 million in May and October 20...