Online automobile platform, Droom on Wednesday raised USD 20 million (Rs. 130 crore) in its Series C funding led by Integrated Asset Management and Digital Garage.
The round of funding is the fifth in Droom's history and positions the platform to further disrupt the online automobile space in India. With the fresh infusion of funds, Droom has raised closed to USD 65 million so far, a figure which will enable it to further fortify its market domination.
The newly-raised capital will be leveraged to consistently build on its tech platform and drive greater adoption of its ecosystem tools such as history, ECO, OBV and credit.
"Series C rounds typically accelerate the pace of growth for a business and help it establish its undisputed leadership in its sector and that's exactly the case with us. This fresh capital infusion into our war chest will once and for all give us an unchallenged competitive edge, not just in the online automobile space but in the e-commerce landscape at large," said Sandeep Aggarwal, Founder and CEO, Droom.
"India is the next China as far as consumer internet is concerned. We are really impressed by Droom's ability to drive innovation, create scalable technology platforms, and capture the growth of the Indian automobile industry. Droom creates value for the industry by directly addressing and solving common pain points experienced by buyers and sellers," added Jeffrey Yam of Integrated Asset Management.
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