Total amount raised
$332.8 Millions
Latest funding date
3/1/2024
Location
Droom has successfully raised significant funding over multiple rounds, achieving a valuation of $360 million. The platform is a tech-driven marketplace for new and used automobiles, offering a range of services from vehicle inspections to financing.
Keep reading to explore the intricacies of Droom's fundraising journey and the investors backing this innovative platform.
What Is Droom?
Droom, founded in 2014 by Rishab Malik and Sandeep Aggarwal, is a tech-driven online marketplace for new and used automobiles. Based in Haryana, India, the platform offers a comprehensive range of services including vehicle inspections, financing, and insurance.
With a workforce of 251-500 employees, Droom aims to provide a seamless and transparent experience for buying and selling vehicles. The company leverages data science and AI to enhance its offerings, ensuring trust and convenience for its users.
From cars and bikes to scooters, Droom's extensive ecosystem caters to various automotive needs, making it a one-stop solution for vehicle transactions in the digital age.
How Much Funding Has Droom Raised?
- Seed Round
- Amount Raised: $2M
- Date: June 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the platform and begin operations.
- Series A
- Amount Raised: $16M
- Date: July 2015
- Lead Investors: Lightbox
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B
- Amount Raised: $25M
- Date: June 2016
- Lead Investors: BEENEXT, Digital Garage
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand service offerings.
- Series C
- Amount Raised: $20M
- Date: July 2017
- Lead Investors: Digital Garage, Integrated Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further penetrate the market and improve customer experience.
- Series D
- Amount Raised: $30M
- Date: May 2018
- Lead Investors: Toyota Tsusho
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new geographical markets and enhance product offerings.
- Series E
- Amount Raised: $30M
- Date: October 2018
- Lead Investors: Joe Hirao
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in AI and data science capabilities.
- Series F
- Amount Raised: $10M
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and technology infrastructure.
- Series G
- Amount Raised: ₹14.9B
- Date: July 2021
- Lead Investors: 57 Stars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To prepare for a potential IPO and expand service offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2024
- Lead Investors: Rapper Badshah
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To boost brand visibility and enter new markets.
Total Amount Raised: $133.9M
Current Valuation: $360 million
Key Investors
- Lightbox
- Details: Lightbox is a venture capital firm based in India, known for investing in early-stage technology companies. They focus on providing strategic support and capital to help startups scale.
- Investment Focus Areas: E-commerce, Fintech, Consumer Internet
- Notable Investments: Rebel Foods, Furlenco, Melorra
- BEENEXT
- Details: BEENEXT is a venture capital firm that invests in early-stage technology startups across Asia, India, and the USA. They aim to support entrepreneurs with a global network and resources.
- Investment Focus Areas: SaaS, Fintech, E-commerce
- Notable Investments: NoBroker, Zilingo, Trusting Social
- Digital Garage
- Details: Digital Garage is a Japanese company that provides investment and incubation services for internet businesses. They focus on fostering innovation and supporting digital transformation.
- Investment Focus Areas: Fintech, Media, E-commerce
- Notable Investments: Twitter, Kakaku.com, DG Lab Fund
- Toyota Tsusho
- Details: Toyota Tsusho is a general trading company and a member of the Toyota Group. They engage in a wide range of business activities, including automotive, machinery, energy, and chemicals.
- Investment Focus Areas: Automotive, Energy, Chemicals
- Notable Investments: Grab, Preferred Networks, Seven Dreamers
- 57 Stars
- Details: 57 Stars is a global investment firm that focuses on private equity investments in emerging markets. They aim to generate superior returns by leveraging local expertise and global networks.
- Investment Focus Areas: Private Equity, Emerging Markets, Technology
- Notable Investments: Not publicly disclosed
What's Next for Droom?
As Droom gears up for its next phase, the opportunities are vast. The company is eyeing expansion into electric vehicles and rental services, tapping into the growing demand for sustainable and flexible transportation options. With a fresh funding round of Rs 25 crore, Droom is well-positioned to leverage these trends and scale its operations further.
Future fundraising looks promising, with plans to raise more capital at higher valuations in both Singapore and India. A potential IPO in 2027, targeting a valuation between $1.2 billion and $1.5 billion, could be a game-changer. However, challenges such as a significant revenue decline and a competitive market landscape will require strategic navigation.
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