India's Droom gets $30m Series E round
The family office of Joe Hirao, founder of Japanese media platform ZigExN, has led a $30 million Series E round for Indian used-car trading marketplace Droom.
It comes less than five months after the company received a $30 million Series D led by Japan’s Digital Garage and Toyota Tsusho, a division of Toyota Group. The Series E, which will support a financial technology build-out, is also said to include participation by a large Japanese auto dealership chain operator.
“The latest round of funding will help us in our expansion goals, accomplishment of our growth objectives and scaling up our technology to build efficiency,” Sandeep Aggarwal, CEO of Droom, told The Economic Times. “A substantial portion will also go towards building up Eco, the company’s automobile inspection services.”
Founded in 2014 as an online marketplace for cars and two-wheelers, Droom has since added new services including roadside assistance and auto loans. The company recently claimed to have a market share of nearly 70% in India’s online car space, partnerships with 250,000 car dealers across India, and more than 27 million monthly visitors. It aims to go public by the end of next year.
Last year, Lightbox India Advisors and Beenos Asia joined a $20 million Series C for Droom alongside Digital Garage and Hong Kong-based Integrated Asset Management Asia. Digital Garage also led the company’s $30 million Series B in 2016 alongside Beenext. Lightbox and Beenos supported a $15.6 million Series A in 2015.
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