Indian automobile marketplace Droom is planning an international expansion. The company is due to enter Malaysia and Thailand soon.
Founder and CEO Sandeep Aggarwal (LinkedIn profile) shared the news in a press statement published by Financial Chronicle. The company is currently studying foreign markets under its new subdivision, Droom International. It’s earmarked $8 million U.S. for the expansion.
Aggarwal said Droom is ready to launch in multiple countries at the moment, but it will tackle Thailand and Malaysia first. Expanding into Southeast Asia was always on the company’s agenda. Thanks to a Series-D funding round back in May, it now has the financial means to do so.
The funding, led by Toyota Tsusho Corporation (member of Toyota Group) and Japan-based Digital Garage, saw Droom rake in $30 million. It also signed an MOU with Toyota Tsusho Corporation to aid in its international expansion. The idea was to leverage Toyota’s strong presence in Indonesia and Thailand to find a gateway into the market.
Services Droom plans to extend in foreign markets include its core marketplace, certification services for loans and insurance and Droom Enterprise; a service for cab aggregators. The company is also likely to introduce Droom Credit — a fintech service for auto financing and loans.
Aggarwal said the company has built a sophisticated c-to-b model, where a consumer can quickly sell a vehicle. These vehicles are advertised to a network of 250,000 dealers, which Aggarwal believes is 10 times larger than any other dealer network in the country.
Aggarwala announced a massive marketing budget of $60 million for FY18-19 back in June. The company boasts generating $700 million in GMV and year-on-year growth rate of 220 percent. With a presence in more than 500 Indian cities and averaging 30 million monthly visits, the company firmly believes it’s in a league of its own.