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Droom raises $30mn towards strengthening foothold

ANI | Updated: May 17, 2018 15:10 IST

New Delhi [India], May 17 (ANI): Online automobile marketplace, Droom has raised USD 30 million in Series D funding, led by Toyota Tsusho Corporation (a member of the Toyota Group) and co-led by Digital Garage of Japan.
To further strengthen Droom's foothold, the funds will be utilised to trigger the online automobiles marketplace segment in India.
The tech-led platform will also invest heavily in further developing its Machine learning and artificial intelligence (AI) capabilities and build scale.
Droom also signed a memorandum of understanding (MoU) with Toyota Tsusho Corporation to expand internationally in SE Asia.
The company aims to double its GMV to USD 1.4 billion by end of 2018 and USD 3.5 billion by 2019. It also plans to go for an IPO by the end of 2019.
"We are delighted to have a major investor like Toyota Tsusho Corporation backing us in this round. This partnership will play a major role in Droom's journey ahead by helping us realise our growth potential, both in India and internationally. On the backdrop of Droom's upcoming international expansion, we are excited to partner with Ellison Investments for helping us expand our investors' base in Asia," said Droom founder and CEO, Sandeep Aggarwal. (ANI)