Droom, an online car marketplace, is focusing on achieving a gross merchandise value of up to $2 billion and a net revenue of $55 million by the end of 2019. The company will also fund raise another round of funding according to the Founder and CEO, Sandeep Aggarwal.
The company aims to grow its market share in India from 75 per cent to 85 per cent and is investing heavily in Artificial Intelligence, Internet of Things (IoT), and related products and services — for example, if you take a picture of a tyre, it (the technology) will tell you the size, type, and tread life.
Droom also has its own NBFC outfit, Aggarwal told BusinessLine. Fintech — loans and insurance — is one of the company’s fastest growing businesses right now, he further added. Droom also offers enterprise solutions such as fleet management and bulk insurance.
The company had earlier signed an MoU with Toyota Tsusho, the trading arm of Japanese automaker Toyota, to expand Droom in nine countries in South-East Asia — Malaysia, Singapore, Thailand, Indonesia, Philippines, Vietnam, Myanmar, Cambodia and Laos. Toyota Tsusho has also invested in Droom’s parent company.
“They (Toyota Tsusho) are interested in collaborating with Droom as we build a twenty-first century distribution platform,” Aggarwal said. “We may collaborate with Toyota or other companies when we expand in other regions,” he said. However, Aggarwal underlined that Droom will always remain solo in India.
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