New Delhi, February 06, 2018: With an aim to empower sellers and help them enhance their online business strategies, Droom, India’s largest and pioneering online automobile transactional marketplace, successfully organized its Seller Summit in Mumbai. The event, held at Novotel Hotel, Juhu was attended by more than 300 dealers from multiple cities in western India, who traveled to Mumbai to be a part of this grand event.
The West India summit saw active participation of sellers from all the major cities in the region, including Mumbai, Pune, Ahmedabad, Surat, Nagpur and Nashik. The sellers who attended the Seller Summit included those have had a long-term association with Droom spanning 2.5 years as well as some new partners who partnered with Droom more recently. After the successful pilot launch and expansion of Droom’s C2B (Customer to Business) platform in Northern India, Droom also announced its plans to kick start the full-fledged operations of its C2B platform in Western India at the Summit. Droom used this opportunity to recognize its best performing sellers on the marketplace through it’s coveted Star Seller Awards. The accolades were given to sellers across various categories OBV Champion, Most Active Seller, Best Practices, Most Reviewed seller and Star Seller of the Year awards.
Speaking at the event, Rishab Malik, Co-Founder & SVP Business Development, droom.in said, commented, “Droom has the largest seller community in India with 2.15 lac sellers across 500 cities. Our platform has become the largest auto-portal by number of sellers, highest traffic in class and widest reach to over 500 cities in India and with almost 15,000 cr of listed automobiles on the platform. We have always been at the forefront to empower automobile sellers and offer them assistance with respect to technology and service requirements to help them sell more and faster at the most competitive prices. The West India Seller Summit was a huge success where hundreds of auto-dealers attended, some traveling hours from cities like Pune, Ahmedabad, Surat, Nagpur and Nashik.”
Through this event, Droom showcased it’s latest technologies and features for it’s dealers, hosted a seller panel for it’s top dealers in West India and provided a Q&A and opportunity for it’s partners to interact with it’s top management.
About Droom
Droom is India’s first and only online marketplace for buying and selling new and used automobiles. At over 65% of the automobile transactions market share online, Droom is the largest auto portal in India. Droom is not only the largest online automobile platform in India, but also the 3rd largest E-commerce company in India in terms of GMV. The automobile platform is category, seller, price, condition, and geography agnostic.
Droom platform has four marketplace formats i.e. B2C, C2C, C2B and B2B, and three pricing formats - Fixed Price, Best Offer and Auction. The platform offers wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan. Droom uses data science to build trust at scale with a US Patent technology called Full Circle Trust Score. Droom has also built the de-facto pricing standard for used vehicles in India – OBV, which has a US patent. Droom has built the entire ecosystem for India so that the transaction for used automobiles can take place with least degree of information asymmetry and morale hazard.
It has built tech and data science heavy tools to create the entire ecosystem around used automobiles, including OBV (pricing engine), Eco (121 points vehicle inspection), History (200 mil vehicle history records), Discovery (dozens of pre-buying tools) and Credit (India’s first and only marketplace for used vehicles loans).
Droom is currently doing $489 Mil+ in annualized GMV growing at the rate of 220% Y/Y, 225K+ auto dealers (largest auto dealer platform in India), presence in 500+ cities across India (largest hyper local marketplace), 21.58 Mil+ monthly visitors, nearly 7 Mil+ app downloads and 5.5 Mil+ Facebook community.
Droom has the best unit economics as compared to any other E-commerce platform in India. The company spends less than 5% of GMV to run marketing and the entire cost of the company is less than 4% of GMV in terms of the net burn. Droom is the only E-commerce platform which has successfully built the cost advantage and sophistication of the tech platforms with the strong data science layer, nobody else has been able to do it in India.
Droom is founded by Sandeep Aggarwal, who previously founded ShopClues at his house in California in Oct 2010, which became 5th Unicorn in India by January 2016. Droom is a Singapore Holding Company with its subsidiary in India and United States. Droom has so far raised close to $65 million dollars in five rounds of funding. Droom is headquartered in Gurugram, India with a team size of 270+.
