Droom has announced the closing of its Series B funding in a round led by BEENEXT from Singapore and Digital Garage from Japan.
Majority of existing investors are participating in the current round including Lightbox and BEENOS.
The fresh funds will be used to further strengthen the position in the online market for automobile in India, continue to make platform more scalable and functionally rich, and expand internationally.
Droom with a presence in 142 cities, will use the fresh funding to further grow in the local markets and expand presence across international geographies.
The latest round will see the Gurgaon headquartered company use the proceeds to create a larger sales team, adding more business lines, boosting its technology platform with a focus on creating a richer consumer experience.
Sandeep Aggarwal, Founder & CEO, Droom, said, “We have been witnessing tremendous growth over the past 16 months in terms of adoption by sellers, number of categories and listings, geographical presence in 142 cities across in India, and GMV/transactions. Droom is permanently changing how automobiles should be bought and sold online by creating tools for 21st century for trust, transparency, pricing and convenience. We are very delighted that BEENEXT and Digital Garage have liked Droom journey so far and the future potential and decided to lead the round.”
The company will also see an infusion of funds towards marketing, business development, customer acquisition (operations) and new category expansions.