Company Name : Droom
Funding Amount : 100 crores
Investor(s) Lightbox, Beenos.
Funding Round : Series A
Sandeep Aggarwal (ex-Shopclues founder) has launched Droom, a marketplace to buy and sell used bikes/cars. The NCR based startup has raised funding from Lightbox and Beenos.
The first round of funding for Droom was led by Beenos, an investor in Shopclues as well.
As a disruptive mobile first marketplace for automobiles, Droom operates in 13 different automobile categories including auto services with 1000 sellers and 6,000 listings. The app is available on Android, iOS and desktop and has already seen over 3000 successful transactions. With the new investment, Droom will be expanding operations to add 20 automobile and 12 service categories hosting over 50,000 sellers and 200k listings in the next 18-24 months.
“Droom is the largest series A bet we’ve ever made. And since it was such a big deal for us, I thought this was an ideal opportunity to walk you through how we decide to make investments in general.
A marketplace, by its very nature, would solve these issues. Running a marketplace is not easy. Globally, there are only a handful of companies that have been able to scale a marketplace successfully.
You have to create significant liquidity, especially for sup-ply, and then curate that liquidity effectively. But most importantly the entire platform needs to be built on trust. Building trust is key to marketplaces, because transactions carry risk. Luckily for us, we had an expert. I’m not sure we would have made the decision to invest otherwise.” [Sandeep Talwar, Lightbox]