Droom Rises to the Occasion: Secures ₹24.75 Cr to Boost Tech in India
In a significant development, Automobile ecommerce platform Droom has raised a substantial ₹24.75 crore in an undisclosed funding round, co-led by India Accelerator and Finvolve. This fresh injection of capital has not only strengthened the company’s financial position but also provided the necessary impetus to drive its growth strategy. With the raised funds, Droom is poised to bolster its tech infrastructure, accelerate customer acquisition, and expand its footprint in India.
The funding round saw participation from a clutch of angel investors, including Hardik Kothiya, the founder of Rayzon Solar. This strategic move by the investors underscores the potential of Droom’s business model and the confidence they have in the company’s ability to scale and deliver returns.
Founded in 2014 by Sandeep Aggarwal, Droom has been at the forefront of the Indian ecommerce landscape, revolutionizing the way people buy and sell vehicles online. With its user-friendly platform, Droom has managed to create a seamless experience for customers, providing them with a wide range of options to choose from. The company’s innovative approach has not only disrupted the traditional way of buying and selling vehicles but has also made it more convenient for customers to navigate the complex process.
Droom’s latest funding round is a testament to the company’s growth trajectory and its commitment to building a robust tech infrastructure. The funds will be utilized to further strengthen its technology backbone, enabling the company to process large volumes of transactions with ease. This will not only enhance the customer experience but also increase operational efficiency, allowing Droom to scale its business more effectively.
In addition to bolstering its tech infrastructure, the raised capital will also be used to accelerate customer acquisition. Droom has been focusing on expanding its customer base, and the fresh funds will enable the company to invest more in marketing and advertising efforts. This will not only increase brand visibility but also attract new customers to the platform, thereby driving revenue growth.
The expansion of Droom’s footprint in India is another key area of focus for the company. With the raised capital, Droom is well-positioned to expand its operations to new markets, both in terms of geography and product offerings. The company has been aggressively expanding its product portfolio, and the fresh funds will enable it to introduce new categories, further enhancing its appeal to customers.
Droom’s growth trajectory is a testament to the company’s commitment to innovation and its ability to adapt to changing market conditions. The company’s focus on technology and customer experience has set it apart from its competitors, making it a leader in the Indian ecommerce landscape. With the raised capital, Droom is poised to continue its growth momentum, further solidifying its position in the market.
In conclusion, Droom’s latest funding round is a significant milestone in the company’s journey, providing the necessary boost to drive its growth strategy. With the raised capital, Droom is well-positioned to bolster its tech infrastructure, accelerate customer acquisition, and expand its footprint in India. As the company continues to innovate and adapt to changing market conditions, it will be exciting to see how it shapes the future of the Indian ecommerce landscape.
Source: https://inc42.com/buzz/droom-bags-3-mn-to-fuel-its-ipo-plans/
