Droom posts 21% growth in Q1 sales, eyes $2 billion in GMV

By: |
July 19, 2019 12:49 AM

The company said it was currently generating $1.2 billion in an annualised GMV and growing at the rate of 150% year-on-year

Droom technology, Droom  car, Droom growth, Droom Q1 sale, GMV, industry newsAs a result, the company also registered a significant growth of 10.2% in terms of queries generated on OBV across all its segments and verticals.

Droom, India’s pioneering online automobile transactional marketplace, has said that it has registered an impressive growth during Q1 of FY2019-20. The company stated that for April-June 2019, it witnessed an increase of 21% in the sales of pre-owned four-wheelers. Moreover, a rise of 13.3% was also observed in terms of GMV for the same segment.

The company said that it was currently generating $1.2 billion in an annualised GMV and growing at the rate of 150% year-on-year. The company is getting $35 million in net revenue on an annual run-rate basis and growing in triple digits year-on-year. It further said that hopes to end December 2019 with $2 billion in GMV and $55 million in net revenue. And for the next year (calender 2020), it targets to have a GMV of $3.5 billion and $120 million in net revenue. After attaining this scale, the company would like to list in H12021.

While tier-I cities such as Delhi, Hyderabad, Bengaluru, Mumbai and Pune have historically been performing well, Droom also received significant traction from tier-II cities such as Hissar, Faridabad, Ludhiana, Surat and Jaipur, indicating its growing presence all over the country.

Says Sandeep Aggarwal, founder, Droom, “The automobile industry is experiencing a visible slowdown brought on by rising automobile prices and higher interest costs. In this scenario, Droom’s growth numbers further reflect the positive reaction created by its diverse products amongst pre-owned vehicle buyers. Our proprietary tools such as OBV, Discovery, Eco and Credit are empowering buyers to take better-informed purchase decisions.” He further said that algorithm and analytics-driven price evaluation framework of OBV has earned the trust of buyers and sellers alike, and this factor has been the key behind the platform’s growing acceptance.

As a result, the company also registered a significant growth of 10.2% in terms of queries generated on OBV across all its segments and verticals. Consistent and healthy query traffic indicate Droom’s prolific prospects in terms of OBV queries, sales, GMV and revenue generated across all its categories.

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