Indian automobile marketplace Droom has launched an AI Lab, allocating $7.2 million (INR 50 crores) to bring about AI-led innovations.
Droom announced the launch of its stellar, state-of-the-art AI Lab and allocation of funds in a press statement. The Gurugram-based company intends to leverage technologies like artificial intelligence, machine learning and big data to evolve and offer newer features for used-cars transactions. An investment of this magnitude towards innovation is remarkable in the Indian auto industry, according to the company.
Droom’s integrated platform already boasts services like Orange Book value (OBV), Eco and Credit — which are based on AI and advanced ML tools. It recently introduced a dashboard feature that gives customers a 360-degree report on a vehicle after they upload a picture or enter the vehicle’s registered number.
The company’s AI Lab is working on an Advance Alert System that alerts owners when their car requires maintenance and servicing. The department is improving its recommended engine system for better references. Dozens of AI / ML experts and technical graduates from prestigious universities have been hired to fill in multiple positions at the new AI Lab.
Commenting on the developments, founder and CEO Sandeep Aggarwal said the company is embarking on the fifth year of operations and stays committed to bringing the best innovations to its customers. Setting up an AI Lab was integral in this regard, taking into account the ease in management of vast data using technologies like AI and ML, Aggarwal added.
Droom claims to have an 80 percent market share for online auto transactions in India. It offers b-to-c, c-to-c, and b-to-b marketplaces. Prices are based on fixed-fee, best offer, and auction models. The site also offers loans, warranties, roadside assistance, and insurance.
Droom is growing at a year-over-year rate of 150 percent and generating $1.2 billion in annualized GMV. More than 830 Indian cities and 300,000 dealers are in Droom’s operational purview. And thanks to multiple benefactors, Droom has so far raised $120 million in funding and expanded into foreign countries.