Online automobile marketplace Droom has said that it has crossed 300k-dealer mark on its platform to become the largest auto dealer community globally. Droom’s dealers are now present in 830 cities in India.
Droom said that it has 1.5 million listings worth $13 billion. The platform’s 60 per cent of the transactions of used vehicles come from the customer-to-customer (C2C) segment, while rest 40 per cent comes from business-to-consumer (B2C) that includes 25 per cent by small businesses in the unorganized market while remaining 15 per cent comes from organized dealers like Mahindra First Choice etc., the company said in a statement.
Among the B2C segment, 20 per cent are authorized dealers of OEMs, 10 per cent are C2B like supply first Cars24, auto brokers, and SME dealers, whereas the remaining 10 per cent are B2B through auctions.
Droom’s 80 per cent the business comes from small and medium-sized businesses followed by 15 per cent from C2C and C2B and rest 5 per cent from B2B.
The company apart from giving dealers access to “technological tools, AI Tools, account management, Droom Certified listings, and access to over 55 million online shoppers on its available on the platform,” also allows procuring vehicles along with reselling loans and insurance forms, said Founder and CEO Sandeep Aggarwal
Droom had in February crossed 2 million-mark of unique monthly visitors in its two new markets, Malaysia and Singapore.
Droom, which has 43.5 million monthly traffic in India, launched in Malaysia in October last year while Singapore business was started in December, Aggarwal had told Financial Express Online.
“In Malaysia, we crossed 1 million-mark last month and is currently having around 1.2 million monthly visitors whereas Singapore does 500,000 monthly visitors,” Aggarwal said.
Aggarwal had earlier hinted towards a possible listing on the Nasdaq exchange in the second half of 2020. “Exact timing, how much capital we will raise etc., will be decided in nine months before the planned listing. We are working with some bankers as well for this,” Aggarwal said in December last year.