India-based used-car marketplace Droom has launched a proprietary SaaS suite, Droom Cloud Services.

According to the news release, the new suite includes proprietary technologies and data science-based software products for used auto transactions. Droom expects the offering to improve trust levels in secondhand auto transactions by providing independent, objective, unbiased, comprehensive and scientific insights.

“Droom is the only pure-play ecommerce company with a suite of propriety tech and a data-driven ecosystem of services. Introducing Droom Cloud Services, we are taking our core expertise to the automobile businesses for them to use and benefit from our advanced tools and services. We are sure that businesses will grow, scale, and stand to gain from them,” said Sandeep Aggarwal, founder and CEO of Droom.

The tools broadly address pricing, inspection and history. The pricing service is powered by Orange Book Value (OBV), the company’s algorithmic price-discovery engine that provides a fair value of a vehicle after factoring in several variables. The inspection option uses Droom’s Eco, which was originally launched as an online-to-offline vehicle inspection service. The history service draws upon the company’s data on over 200 million registered vehicles in India.

Last October, IPO-bound Droom partnered with Turtlefin, an insurance technology (insurtech) platform, to offer its users motor vehicle insurance. It was also named among companies rumoured to be halting their IPO plans amid a widespread economic downturn. A Droom representative later told the AIM Group that the company was “biding its time and watching the market closely,” confirming its withdrawal from the listing.

Founded in 2014, Droom works with more than 21,800 dealers and has a presence in around 1,100 cities. Operating a hybrid model of classifieds and b-to-c, the company has expanded to Singapore, Malaysia and Thailand. Its investors include Digital Garage and Toyota Tsusho Corp.

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