New Delhi [India], Apr 10 (ANI): Droom has become the largest auto portal in India in terms of annualized GMV, monthly traffic and number of auto dealers on the platform.
It has now annualized run rate of 2,500 crores or USD 400 mil in annualized GMV, over 15 mil in monthly traffic and over 105k auto dealers.
Also, independent of the category, Droom is now the fifth largest E-commerce company and the largest vertically focused E-Commerce company in India.
With presence in 500 cities, Droom is also India's largest hyperlocal marketplace independent of any category including food and grocery etc. While, the overall E-Commerce growth in India stands at around 20 percent year on year, Droom is growing at the rate of 350 percent year on year.
Droom remains on track to exit March 2018 with USD 1.2bn in GMV and full profitability.
In its part, Droom holds the distinguished honor of being the harbinger of a dedicated online automobile transaction platform concept in India, and a creator of various game-changing revolutionary digital technologies such as the Orange Book Value or OBV, a unique algorithmic pricing engine used to estimate a fair market value of used vehicles and Droom History, India's first national repository for used vehicles with vital information such as registration certificate details and ownership history etc.
"We are super excited to receive such an over whelming response from both buyers and sellers for used automobiles in India. Buying and selling used automobiles India has been full of pain points, frictions and hassles. In nearly last three years, Droom has not only built India's most advanced marketplace but also built the entire ecosystem around used automobile with Orange Book Value, Eco, and History," said founder and CEO Droom, Sandeep Aggarwal.
"Many of these ecosystem services tools are becoming industry standards and helping in trust building, higher transparency and benchmarking around pricing. We will continue to invest very heavily on technology and data science and keep on driving innovation and make India as one of the best countries to buy and sell used automobiles," added Aggarwal.
Droom has reported 17 times faster growth. Its dedicated focus towards enriching its platform with the latest features and customer-service centric modifications make it extremely popular with users.
This popularity and the tendency to remain on top of existing technology contributes significantly to the sustained trust enjoyed by Droom from its investors, which reflects in it receiving funding of USD 45 million during the last two years.
One of the most striking aspects of Droom's popularity has been the trust it enjoys with sellers, who feel completely at ease to list their vehicles on Droom. This has been achieved by keeping price formulation methods transparent and implementing fair and impeccable algorithm techniques during OBV valuation, which sellers completely agree with and trust. With continued support, Droom hopes to bag that elusive #1 e-commerce organization spot soon. (ANI)