Droom, Indian online automobile marketplace has raised an undisclosed amount in Series B funding led by BeeNext and Digital Garage. BeeNext is a Singapore based technology fund investing in the early stage ventures, whereas, Digital Garage is from Japan. The funding round also saw participation from LightBox Ventures and Beenos, which were the existing investors for Droom.
There are speculations about a couple more investors participating in the latest round. The financials of deal have not been disclosed, however, as per a statement by Sandeep, the raised amount is significantly higher than the Series A. Just to remind, Droom had raised $16 Million in the Series A round and there were reports earlier this year that Droom was looking to raise round 200Cr ($30 Million).
The raised funds will be used for strengthening Droom’s position in the online segment for automobiles in India. It is also looking to add more business lines, expand the sales team along with scaling the online operation and make them functionally richer. The startup is also eyeing international expansion starting from countries in South East Asia like Singapore, Malaysia, Philippines and Vietnam.
Droom was founded by Sandeep Aggarwal, ex CEO of ShopClues, popular Indian eCommerce platform, in April 2014 along with Rishab Malik. It helps the users to buy and sell used automobiles. Prior to the $16 Million Series A in July last year, it had raised a couple of seed rounds in May 2014 and October 2014 respectively.
Recently, the startup has tied up with Carnation Auto to launch an auto inspection app, which aims to provide better transparancy and authenticity to the users and it helps in increasing buyer’s confidence. Droom is also looking to launch Droom History, a car history repository.