Online automobile marketplace Droom, has raised $30 million in its new Series E funding round, led by the family office of Joe Hirao, founder of ZIGExN. The round also witnessed participation from an unnamed Japan-based family office fund. The round comes just months after Droom raised a similar amount from different set of investors.
The newly infused capital will be used by the Gurgaon-based company for investing heavily in developing Droom Credit, its marketplace for used vehicles loans. It also plans to bolster its pan India inspection services and drive further adoption for certification services.
The funding will also help the company to further expand its presence into C2C, C2B marketplace and strengthen its network in more than 100 cities.
Sandeep Agarwal, founder and CEO of Droom, said:
The latest round of fund will help us in our expansion goals and, accomplishment of our growth objectives and scaling up our technology to build efficiency. A substantial portion will also go towards building up Eco, the company’s automobile inspection services.
So far, the company has raised around $125 million in external funding since its inception. This new Series E funding comes just a few months after the company raised $30 million in Series D round in May this year, led by Toyota Tsusho Corporation (TTC) and Digital Garage.
The automobile marketplace, founded in 2014 by Sandeep Agarwal, who had previously co-founded online e-commerce platform ShopClues, has also revealed its plans to go for an IPO by 2020. It competes against the likes of Cartisan, Bumper, and Pitstop, among others.
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