Online automobile marketplace Droom sets up AI lab, earmarks Rs 50 Cr for innovations
Droom has also allocated Rs 50 crore of its investment budget to facilitate innovations as well.Press Trust of India
Online automobile marketplace Droom Thursday said it has set up an AI lab to leverage technological interventions like artificial intelligence (AI), machine learning (ML), and big data to offer newer tools and solutions to enable commerce for used automobiles.
The company has also allocated Rs 50 crore of its investment budget to facilitate innovations, a statement said.
"At Droom, the AI lab team is working on several projects like advance alert system, which can alert customers when the car needs maintenance, based on the on-board diagnostics (OBD) data. Droom has also been improving its recommended engine system at the AI lab for better references," it added.
Besides, the company has also has hired dozens of AI/ML experts and graduates from institutes like IITs, NIT, IIIT and NSIT.
"Droom has now entered the fifth year of its operations and has been building an integrated platform...setting up our AI lab is an integral part of the innovation...we at Droom are leveraging these to create new products and revamp the existing ones, thereby catering to our customer-base better," Droom Founder and CEO Sandeep Aggarwal said.
Droom has, so far, raised close to $125 million over six rounds of funding. Some of its investors include Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management, and family office of Japanese based investor Joe Hirao, Founder ZIGExN.
In a recent interview with YourStory in January this year, Sandeep said that Droom is touching almost $1 billion in gross revenue and $23 million in net revenue.
The platform gets nearly 40 million user traffic, and is touching close to nine million app downloads. The company has 270,000 auto dealers on its platform, and has sold six lakh vehicles in the last four years, which is worth Rs 8,000 crore.
Droom is now looking at listing on Nasdaq by 2020, and by then looking to touch a gross revenue of $3 billion to $3.5 billion and net revenue of $110 million - $120 million.