Droom, an online automobile transactional platform, has raised $20 million in its Series C round led by Integrated Asset Management and Digital Garage. A number of prominent institutional investors and family offices from China, Hong Kong and Taiwan also participated in the round.
With the fresh infusion of funds, Droom has raised closed to $65 million so far and this will enable it to further fortify its market dominance. The newly-raised capital will be leveraged to consistently build on its technology platform.
On the funding, Droom founder and CEO Sandeep Aggarwal said, “We are the largest auto portal in India in terms of gross revenue, monthly traffic and number of auto dealers. We are also the largest auto vertical and the largest hyperlocal marketplace in e-commerce. Leaving the category behind, we have established ourselves amongst the top four e-commerce platforms in India.” “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 warchest will once and for all give us an unchallenged competitive edge,” he said.