#Asia Beenext invests in India’s Droom to help it burn up the road

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Droom is an online marketplace to buy and sell automobiles and automobile services

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Droom, a mobile-first marketplace to buy and sell new and used automobiles in India, has announced that it has closed Series B round of funding led by Singapore-based VC firm Beenext and Japanese technology company Digital Garage.

Majority of existing investors, including Lightbox and Beenos, have also participated in the round.

As per an official statement, the amount raised from this round is “significantly higher than the Series A Droom raised in July 2015”.

The fresh funds will be used to strengthen its position in the online market for automobile in India, continue to make platform more scalable and functionally rich, and expand internationally.

Also Read: Google Capital invests in CarDekho’s parent Girnar Software

Founded in April 2014, Gurgaon-headquartered Droom is an online marketplace to buy and sell automobiles and automobile services. The platform enables transactions between buyers and sellers by bringing transparency, building trust and mitigating information asymmetry.

With presence in 142 cities, Droom claims to have over 47,000 B2C sellers, 23,600 products and. 57,000 listings.

Apart from the web, Droom is available on Android and iOS platforms as well. and has clocked 2.47 million downloads till date.

Also Read: I understand how founders think: Teruhide Sato on new VC firm Beenext

Sandeep Aggarwal, Founder and CEO of Droom, said: “We have been witnessing tremendous growth over the past 16 months in terms of adoption by sellers, number of categories and listings, geographical presence in 142 cities across in India, and GMV/transactions. Droom is permanently changing how automobiles should be bought and sold online by creating tools for 21st century for trust, transparency, pricing and convenience.”

Google Ventures-backed CarDekho is the largest car buying platform in India.

The post Beenext invests in India’s Droom to help it burn up the road appeared first on e27.

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