Droom raises $20 million in Series C round led by Integrated Asset Management
The investment it received in its Series C round will be used to build on its tech platform and drive greater adoption of its ecosystem tools.
- Droom, has successfully raised $20 million in its Series C round
- Investment was led by Integrated Asset Management and Digital Garage
- Droom has raised closed to $65 million so far
Online marketplace for buying and selling used start-up, Droom, has successfully raised $20 million in its Series C round led by Integrated Asset Management and Digital Garage. A number of prominent institutional investors and family offices from China, Hong Kong and Taiwan participated in the round, said the company in a statement.
The round of funding is the fifth in Droom’s history and positions the platform to further disrupt the online automobile space in India. With the fresh infusion of funds, Droom has raised closed to $65 million so far.
The newly-raised capital will be leveraged to consistently build on its tech platform and drive greater adoption of its ecosystem tools such as History, ECO, OBV and Credit, it further said.
Droom Founder and CEO, Sandeep Aggarwal said, “Droom is the largest auto portal in India in terms of gross revenue, monthly traffic and number of auto dealers. We are also the largest auto vertical and the largest hyperlocal marketplace in e-commerce. Leaving the category behind, we have established ourselves amongst the top 4 e-commerce platforms in India. Series C rounds typically accelerate the pace of growth for a business and help it establish its undisputed leadership in its sector and that’s exactly the case with us. This fresh capital infusion into our war chest will once and for all give us an unchallenged competitive edge, not just in the online automobile space but in the e-commerce landscape at large.”
Jeffrey Yam, Integrated Asset Management said, “India is the next China as far as consumer internet is concerned. We are really impressed by Droom's ability to drive innovation, create scalable technology platforms, and capture the growth of the Indian automobile industry. Droom creates value for the industry by directly addressing and solving common pain points experienced by buyers and sellers.”