Droom, the country’s pioneering online automobile transactional marketplace continues to ride the wave of success with its disruptive innovations and strategic approaches. In a massive business achievement, the online automobile portal has been able to successfully clock a monthly gross merchandise value (GMV) of INR 104 crore in a short span of 19 months.
Droom has already registered over INR 1,200 crore in annualised GMV, with plans to achieve INR 3,000 crore by March 2017 and estimating a colossal growth to the tune of INR 5,000 crore by December 2017. The achievement has become all more impressive as Droom has spent only 3.75% of the entire GMV value to run the entire organization including marketing. With their innovation engine running on an overdrive mode, Droom is expected to crunch some big numbers again within a span of 5-6 months.
Commenting on the growth numbers, Sandeep Aggarwal, Founder and CEO, Droom said, “It feels extremely satisfying to achieve, and exceed the numerical goals we had set for ourselves. At a time when the auto industry has witnessed new vehicle sales improve by 9% Y-O-Y and used-vehicle segment pick up by 15% Y-O-Y while the e-commerce companies register a growth rate of 35% Y-O-Y, Droom has been able to 700% Y-O-Y growth. Not only our innovation engine is working big time with very advanced marketplace but also from highly innovative and data science offerings such as Full Circle Trust Score, Orange Book Value, Discovery Tools, and Eco.”
Droom first crossed the 100 crore barrier by generating a INR 104 crore GMV, or $17.3 million, at a constant currency exchange rate of INR 60/USD. Reporting a 30% month-on-month growth, it has also set a precedent of incurring low marketing costs by spending a mere 4.5% of the total allocation and yet achieving such enormous expansion figures.
Founded in April 2014 in Silicon Valley, Droom is Indian marketplace to buy and sell new and used automobiles and automobile services. The company has taken a completely innovative and disruptive approach to build trust and pricing advantages for buyers.
The current experience of buying and selling an automobile is completely broken, antiquated and full of pitfalls. Droom offers a truly 21st century experience in buying and selling automobiles. With its technology driven marketplace approach, it enables transactions between buyers and sellers by bringing transparency, building trust, and mitigating information asymmetry. Droom is a mobile first marketplace with a presence on three platforms i.e. Android, iOS and Desktop.
Droom is among the fastest growing consumer Internet companies in India with 78K+ B2C sellers, 25K+ products, 113K+ listings, $963 Mil+ in listed GMV, 2.81 Mil+ FB Likes (highest for any automobile community in India) and over 3.4 Mil+ downloads for mobile apps.
Droom has a very strong and proven founding team with 50 years of combined experience in technology, Internet, E-Commerce and FMCG including 20 years in Silicon Valley. Sandeep Aggarwal is founder of Droom. Prior to Droom, Sandeep founded ShopClues.com, Indian eCommerce marketplace and 5th Unicorn in the Consumer Internet in India. Droom has a team of 168 and is funded by some of the leading global venture investors.