Droom, an online automobile transactional marketplace startup, has today announced the extension of its services to more than 100 cities across India. While the latest achievement in itself is commendable, the fact that the expansion came close to the first anniversary of Droom’s operational launch makes it all the more remarkable.
Having disrupted the online automobile segment in the country, Droom has been growing at a breakneck speed since its operational launch in January 2015. The company currently has more than 26000 sellers and 90000+ listings on its platform, while the listed GMV at present amounts to more than INR 1000 crore. In comparison, Droom’s platform in January 2015 had only 20 sellers, 200 listings and a listed GMV of INR 10 crore.
Speaking on the achievement, Sandeep Aggarwal, Founder & CEO, Droom commented,
Ever since the launch of our operations in India, Droom has been breaking growth records owing to its tech-driven disruptive business model and a consumer-centric, trusted brand proposition. The numbers highlight the high regard in which both our buyers as well as sellers hold us in and give a big boost to our efforts to provide them with the best online automobile marketplace experience. Having expanded in 100 cities, we will be looking to add even more value to our services and keep up the high standards that we have set so far.
But Droom is not taking its foot off the gas just yet. Having launched its services in the 100 cities, the company, which is at present operating on an annualised run rate (ARR) of INR 425 crore, is expecting to cross INR 2000 crore in ARR by December 2016.
Till now, the company has raised $18 million in two funding rounds – $2 million in seed funding round and $16 million in Series A round from Lightbox Ventures and Beenos Partners.