India’s Droom, has announced that it has taken the lead in the local market, as the largest auto portal in terms of annualized GMV, monthly traffic and number of auto dealers on the platform.
The portal claims to have the annualized run rate of 2,500 crores or USD 400 mil in annualized GMV, over 15 mil in monthly traffic and over 105k auto dealers.
Also, independent of the category, Droom has declared that it is now the fifth largest E-commerce company and the largest vertically focused E-Commerce company in India.
With presence in 500 cities, it can be said that Droom is India's largest hyperlocal marketplace independent of any category including food and grocery etc. While, the overall E-Commerce growth in India stands at around 20 percent year on year, the auto portal has stated that it has experienced growth of 350 percent year on year.
Droom remains on track to exit March 2018 with USD 1.2bn in GMV and full profitability.
The auto portal has also created various game-changing digital technologies such as the Orange Book Value or OBV, a unique algorithmic pricing engine used to estimate a fair market value of used vehicles and Droom History, India's first national repository for used vehicles with vital information such as registration certificate details and ownership history etc.
"We are super excited to receive such an overwhelming response from both buyers and sellers for used automobiles in India,” said founder and CEO Droom, Sandeep Aggarwal.
“Droom has not only built India's most advanced marketplace but also built the entire ecosystem around used automobile with Orange Book Value, Eco, and History.
Many of these ecosystem service tools are becoming industry standards and helping in trust building, higher transparency and benchmarking around pricing. We will continue to invest very heavily in technology and data science and keep on driving innovation and make India one of the best countries to buy and sell used automobiles," added Aggarwal.
According to the company, Droom’s popularity has increased due to the trust it enjoys from sellers, who have expressed a sense of ease in listing their vehicles on the auto portal, which has achieved this by keeping price formulation methods transparent and implementing fair and impeccable algorithm techniques during OBV valuation, which sellers tend to agree with and trust.
Edited by G. Davila