Online marketplace Droom acquires AR startup Visiolab Ideas
Gurugram-based online marketplace for buying and selling of automobiles, Droom, has acquired Delhi-NCR based AR startup Visiolab Ideas for an undisclosed amount.
In addition to this acquisition, Droom has introduced an AR-VR lab to enhance the customer experience in their vehicle buying research. It will be offering a live virtual tour of vehicles for customers to experience it in 3D.
As part of the acquisition, Visiolab co-founders will join the Droom team, said a statement from the company.
A technology and innovation-driven company, Visiolab Ideas operates on industry verticals such as automobile technology, education technology, entertainment, SaaS, and retail. The company mainly focuses on innovations and develops products and services which are able to solve big problems with the use of technology.
The newly introduced AR lab of Droom
Commenting on the acquisition, Akshay Singh, Chief Strategy Officer, Droom, said, “We are excited to welcome Visiolab Ideas team to become a part of Droom. At Droom, we have built industry-leading technology focussed products like OBV, Eco, Droom History, Droom Discovery, and Droom Credit for bridging the gap in buying and selling vehicles online. This acquisition will further enhance our capabilities in offering delightful customer experiences and a completely online vehicle buying experience.”
Droom will be leveraging technological innovations powered by Virtual Reality, Augmented Reality in addition to tools using Machine Learning, Artificial Intelligence, and big data to offer new products and solutions for automobile commerce.
Last year, Droom allocated Rs 50 crore towards building new and innovative products using AI, AR, and VR. In 2019, Droom launched Internet of Things (IoT) enabled Eco Lab to bring innovations for Eco Inspection, as well as had announced the acquisition of Xeraphin Finvest Pvt. Ltd.
Navdeep Singh, Founder and CEO of Visiolab Ideas, added, "Augmented Reality is the future, not just in the automotive sector, but for education, healthcare, and almost all of the major fields in the market. That is what got us in this field and gave us the motivation to develop the technology that could bring the showroom experience to your doorstep, in the comfort of your homes. We are delighted that Droom gave us a platform to contribute towards India’s online auto marketplace."