Well who in this world now really wants to walk or cycle. In this fast pacing world an automobile is much convienient and better for the ones who stive to do better and reach fastly to places in no time. Droom is an automobile marketing company known for buying or selling used cars. Buying a vehicle is very easy at Droom. Firstly, you just have to find a vehicle of your interest. You can search, sort, filter and shortlist the vehicles that interest you the most. The second step involves building trust and comfort. In this step, you’ll review and assess the listing details. Droom makes sure that they have a rich catalogue of information on vehicle, including the history and condition of the vehicle, seller background, and the authenticity of the vehicle. The third step involves paying the commitment fee. This fee acts as a token or advance. Droom has a very committed and strong founding team with over 75 years of combined experience in Internet, technology and E-commerce. The company is based out of Gurgaon.
About the Founder(s)
Considered to be one of the most popular and prominent Internet Analyst, Sandeep Aggarwal graduated from Kurukshetra University in the year 1992. There he pursued Bachelor in Commerce, Business. Then he pursued his Masters in Finance from Devi Ahilya Vishwavidyalya in 1996. He later joined Washington University and majored in MBA, Strategy in 2001. He then served for companies like Kotak Securities as Associate, Charles Schwab as Sr. Financial Consultant, Microsoft Corp. as Senior Manager, Citigroup Investment Research as Equity Analyst, Oppenheimer & Co. as Vice President and Collins Stewart as Managing Director. And then he laid the foundation of Shopclues in July, 2011 and Droom Technology in April, 2014.
History of the Company
The company was established in 2014 and headquartered in Silicon Valley. Droom was headed by Sandeep Aggarwal, the founder of Shopclues before Droom. Droom has raised funding around $25 million in June 2016. The funding was led by Singapore-based investor Beenext and Venture capital firm Digital Garage and Japanese Incubator. The company had also raised $16 million in 2015 from Lightbox Ventures.
Claimed as India’s first and largest online marketplace to buy and sell used cars, bikes, scooter and jets. At present, Droom offers services in 500 cities across India. These services include Car Care & Detailing, Servicing, Road Side Assistance, Auto Inspection, RTO Services and sale purchase of used automobiles.
One of the most highlighted tool service offered by Droom is its OBV i.e. Orange Book Value. The tool uses artificial intelligence to analyse the make, model, condition, trim and, kilometres driven to derive a fair market value of the same.
“For any hyper local marketplace, we have created the biggest footprint in this space. While many ecommerce companies have seen ups and downs and investors have pulled back, we have continued to see a phase of hyper growth,” says Sandeep Aggarwal.
CEO claims that there have been a significant increase in the last six months in the various parameters the startup evaluates for performance – from 25,000 sellers to 58,000 sellers, lifetime listings from 1 lakh to 2.2 lakh, from being available in 25 cities to 160 cities, from Gross merchandise volume worth Rs 45 crore/month to Rs 100 crore/month and more importantly, from 1.8 million monthly visitors to four million visitors per month.
It is covered under buyer protection and is completely refundable. This fee makes the seller committed to the deal and the listing gets deactivated on the site. The fourth step involves meeting the seller and reassuring your committed item. In this step, the buyer makes the final value payment to the seller and they sign and exchange documents. And, in the fifth step the seller handovers the key to the buyer.Currently the Insurance Regulatory and Development Authority (IRDA), Vahan (under the Ministry of Road Transport and Highways) maintains a vehicle repository, but they have limited information. If Sandeep Aggarwal manages to pull this off, it would be, perhaps, the biggest repository of such kind in the country. “We had to collate different data from various sources. From getting purchase information from Original Equipment Manufacturers, registration details from transport ministry, accident data from insurance providers and police records and additional information from data science. It is a tough problem to solve, but we are almost there”, says Sandeep Aggarwal. It is to make buying and selling automibiles easy and quick and in a trusted manner.
Droom is a kind of platform where one can sell or buy used or second hand automobiles and which gets popular amongst many in a short span. It is the 3rd largest E commerce company in India in terms of GMV and the largest online auto marketplace for buying and selling new and used automobiles with over 65% market square of the automobile transactions online. One technology helps to find other everything at one touch. That’s what new era holds, so, grab the opportunity and benefits and never let it go.