Droom sets sights on seven new markets
07 Jan 2019
Indian automobile marketplace Droom is planning to expand to seven Southeast Asian countries in 2019 — five more than it initially announced last year.
The company’s founder and CEO Sandeep Aggarwal (LinkedIn profile) announced plans to expand into Malaysia and Thailand in September 2018. In an interview published by Zee Business Online last week, Aggarwal said Droom is now eyeing seven new Southeast Asian markets. Vietnam and Singapore are likely to be on the list.
“Our hyper growth continues and justifies our success story,” Aggarwal told the publication. He added that the site is now the third-largest marketplace in India, in terms of GMV. It hopes to increase its current GMV to $3.5 billion by the end of 2019.
The company has already taken significant steps towards international expansion in Malaysia and Singapore. It raised a total of $60 million in Series D and Series E funding rounds in 2018. The company has also signed a memorandum of understanding with investor Toyota Tsosho Corporation, to aid its international expansion plans.
The past year has seen the Gurugram-based firm introduce a host of new services and offerings. These include an auction platform called QuickSell, Droom Enterprise for cab aggregators, and its fintech service Droom Credit.
Going forward, the company is hoping to deepen its presence in more than 500 Indian cities. It’s preparing for an IPO by the end of the year.