The strategic move into Thailand gives Droom access to Southeast Asia’s second-largest automotive market with a huge demand for used vehicle. The demand is attributed to the country’s large share of working middle-class citizens and their fast evolving lifestyle, needs, aspirations, and competitiveness. The country is also seeing increased mobile and internet penetration.
“We are beyond ecstatic about beginning our operations in Thailand; not only because it is one of the largest and fastest-emerging markets but also because it has unlocked several new possibilities for Droom — like helping the organization develop its abilities to launch the platform in several languages other than English,” CEO Sandeep Aggarwal said.
Founded in 2014, Droom is an online auto marketplace where users can buy and sell both new and used automobiles. The start-up’s GMV currently stands at $1.1 billion with net revenue of $25 million. The company had previously established its presence across three countries, namely India in 2014, and Singapore and Malaysia in 2018.