Droom, a marketplace used to purchase or sell both new and used vehicles, started up back in 2014. The Singapore Holding Company, which has companies around the world, has already raised $125 million through six rounds of funding. Investors include companies like Bennext, Lightbox, Beenos, Toyota Tsusho Corp., Digital Garage, and Integrated Assets Management. The company is in Singapore and Malaysia and will soon be in nine other countries by the end of 2019 including the Philippines, Vietnam, Laos, Myanmar, and Cambodia.
As Droom prepares to list on Nasdaq in 2020, YourStory met Sandeep Aggarwal, CEO and Founder, Droom to understand how the company evolved in the last four years, how many revenue sources it has built, how it ensures vehicle safety and many other things. Edited Excerpts from the interview:
YourStory (YS): How has Droom’s journey been so far, and what kind of challenges have you overcome to date?
Sandeep Aggarwal (SA): We started as an online marketplace for used cars in Delhi. Three months later, we had used cars and two-wheelers, but only in New Delhi. A year later, we had used cars and two-wheelers in 100 cities in India. Six months after this, we had facilities such as insurance, roadside assistance, warranty inspection. Now, we have automobiles across 48 categories including planes, bicycles, segways, golf carts and yachts among others.
We started building an entire ecosystem because I realised that being in Droom in 2014 was very similar to being in Flipkart in 2008. Everything was up for grabs. So, we kept on building one by one. Besides that, we grew so fast that we always ran short of office space and ran short of people, which in hindsight are good problems to have.
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