[Funding alert] Online automobile marketplace Droom gets $10M in Series F from its Singapore-based holding entity
Gurugram-based online automobile marketplace Droom has raised $10 million (Rs 69.54 crore) in Series F round of funding from its Singapore-based holding entity, according to RoC filings accessed by YourStory.
As per the filings, the company has allotted 2,34,561 equity shares to Droom Pte Ltd at a price of Rs 2,964.68 each.
The company last raised $30 million in Series E round in October last year led by Japanese investor Joe Hirao’s family office fund. In May 2018, it secured $30 million in Series D funding led by Toyota Tsusho Corporation, member of the Toyota Group, and co-led by Digital Garage of Japan.
Till date, Droom has raised a total funding of $133 million in seven rounds. Its other investors include Lightbox, Beenext, Beenos, and Integrated Assets Management.
Sandeep Aggarwal, Founder, Droom
Earlier this month, the company also allocated Rs 50 crore of its investment budget to 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.
Droom claims to have sold over six lakh vehicles since its inception in 2014, through a network of 270,000 auto dealers on its platform, for an amount of Rs 8,000 crore.
Droom, which is now looking at listing on Nasdaq by 2020, aims to touch a gross revenue of $3 billion to $3.5 billion and net revenue of $110 million - $120 million by then.
Droom competes with players like CarDekho, CarTrade, Cars24, OLX, Quikr's auto vertical, and NDTV Auto. In January 2019, CarDekho raised Series C funding of $110 million from Sequoia India, Hillhouse, CapitalG (Alphabet growth investment arm), and Axis Bank.
Last month, Gurugram-based used car retailing startup Spinny also received $13.2 million in Series A funding round led by Accel and SAIF Partners with participation from existing investors Blume Ventures and Simile Ventures.